Edwards Pushing Incentive Plan to Stimulate Rural Economies
Last Updated on Jan 6, 2015 at 8:18am | Garrett County Economic Development
Senator George Edwards has been working with other state lawmakers to craft a program to stimulate business growth in Maryland’s rural areas through major incentives, including removing state property and business taxes for a 10-year period for qualified businesses.
Based on a similar program in New York known as Startup New York, Edwards hopes to introduce the bill in the upcoming Maryland General Assembly that convenes January 14th.
“We want to do something to help the rural parts of the state out. I want to put the bill in to get the conversation started,” said Edwards.
Although it has not been assigned an official name yet, Edwards has conferred with Sen. President Mike Miller and Governor-elect Larry Hogan on the potential tax incentive program.
In New York, Governor Andrew Cuomo began the Startup New York program in 2014, which created tax-free zones across New York state where new businesses or expanding companies could locate and pay no property, sales, business or income tax for the first ten years.
Since Edwards’ plan is not targeting only the counties under the District 1 legislative delegation, he is able to promote the program by himself with collaboration from other state officials. Read more>>