MARYLAND - Governor Wes Moore today announced Snow Hill as one of three new Enterprise Zones in Maryland while also approving the redesignation of existing zones in Princess Anne and Cambridge.
Princess Anne’s enterprise zone was also approved to be expanded, according to the Maryland Department of Commerce.
The Department of Commerce says the Enterprise Zone program is a joint effort between state and local governments that provides property and state income tax credits for businesses to foster job growth and capital investments.
Businesses within an enterprise zone can apply for credits towards their state income tax filings based on the number of jobs they create according to the Department.
“Maryland’s Enterprise Zone program has a tremendous impact on communities throughout our state, serving as a catalyst for growth and revitalization in areas that need it the most,” said Moore. “We are pleased to designate three new zones, which will be an important tool to attract new investment, encourage businesses to expand, and create new jobs.”
In a press release, the Department of Commerce says Snow Hill’s new zone status will aid in the revitalization of the downtown historic commercial district. One-third of the commercial units in Snow Hill’s downtown are vacant or underutilized, according to the Department, and business owners face high costs to renovate.
The zone is hoped to attract new businesses, bolster the expansion of existing commerce, and improve tourism in Worcester County.
“The Snow Hill Mayor and Council look forward to leveraging enterprise zone benefits toward continued revitalization,” said Director of Economic Development for the Town of Snow Hill Lorissa McAllister. “This designation is indicative of the strong support from Worcester County and the State of Maryland in creating new opportunities for Snow Hill. It is with great excitement that we will promote this program to incentivize job creation and business development.”
Princess Anne’s zone expansion will now include 152 acres along Revells Neck Road where the Somerset County Industrial Park is planned for construction. This is in addition to the current zone which includes the town’s historic district, the University of Maryland Eastern Shore, the Princess Anne Industrial Park and Somerset Crossing.
Cambridge’s redesignation will reportedly allow the city to continue its push to attract new investment and job growth, especially in the manufacturing, warehousing, research and development, tourism, retail, and corporate services.