August 26th, 2016 by WCBC Radio
The Allegany County Commissioners voted Thursday for final approval for Code Home Rule Bill 4-16, the Allegany County Economic Development Incentive Program.
The program is available for new businesses, which locate in Allegany County. The program is geared toward companies in the technology and information sector. Companies must operate in Allegany County for one year to receive the per employee incentive. Every employee that is employed full-time, has been on the payroll for one year, resides in Allegany County, and makes at least $45,000 a year is eligible.
“There really isn’t many state or local incentives geared toward companies of less than twenty-five employees. This is the first program like this in Maryland. We feel that when this is combined with some of the Enterprise Zone incentives we have a strong package to offer these smaller companies.” said County Commissioner Jake Shade.
For employees numbers 3-10 the incentive available after a year for be $3,000 per employee and for employees 11-25 the incentive in $2,000 per employee. The funding will come from the Revolving Building Fund, which is generated by a self-sustaining fund that relies from revenue from the County’s business parks.
Shade continued: “It’s not a huge amount of money for these companies but it gives us a small edge compared to other counties in Maryland and it keeps us in the conversation. It also shows our willingness to work with these small companies, with higher paying salaries, that will likely be our future moving forward.
The program will go into effect October 1, 2016.
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