LEONARDTOWN, MD– In February, the Department of Economic Development presented a request to the Commissioners of St. Mary’s County for approval to extend the New and Expanding Business (NEXB) property tax credit to Pier450, a local establishment owned by Peggy Binzel, offers tourism-related business services in St. Mary’s County. The Commissioners voted to approve the tax credit as proposed.
“Pier450 is an exciting economic driver for St. Mary’s and in our south county in particular,” said Commissioner President Randy Guy. “The south county area is targeted in the Economic Development Strategic Plan and the Tourism and Hospitality Plan as an area where the county should seek lodging and food service investment. Ms. Binzel’s vision has created a dynamic destination for our county.”
“I am proud to have committed to St. Mary’s County and to revitalizing this remarkable location in the south county,” stated Peggy Binzel, “and I am also grateful to the Commissioners of St. Mary’s County and residents for their continued support, particularly during this last year.”
In early 2017, the Commissioners provided the business tax credit incentive that gives a $5,000 per year tax credit for five years if 10-15 jobs are created, $8,000 per year for eight years if 16-25 jobs are created, and $10,000 per year for 10 years if 26 or more jobs are created.
The property tax credit allows businesses in targeted industries that will create 10 or more jobs to receive a property tax credit for up to 10 years. Targeted industries include:
- Defense (primarily commercial application of defense technology)
- Aerospace and Aviation
- Unmanned and Autonomous Systems
- Agriculture / Aquaculture
- Value-Added Agriculture Products
Also, St. Mary’s County Government offers the incentive to 1) retail, local service and tourism-related businesses that will operate in a targeted investment area and 2) businesses that will provide a service or product in an underserved area or fill a service gap for residents living in a Development District or Town Center.
“St. Mary’s is committed to supporting business development and the NEXB tax credit incentive provides a means to demonstrate that support. This incentive is open to both businesses that construct a new facility and those that own or lease an existing building within St. Mary’s County. We encourage all business owners that qualify to consider applying,” said Chris Kaselemis, Director of Economic Development for St. Mary’s County.