Tax-break Enterprise Zones in Baltimore and the Eastern Shore will expand after getting an OK from Maryland's economic development agency, the state said Thursday.
The city's zone was altered to include Harbor Point and nearby portions of South Central Avenue and South Eden Street "to further encourage the economic development of the Harbor East community," the state Department of Business and Economic Development said in a statement.
Harbor Point and the nearby streets had been removed from the zone last year as part of a broad reduction in the eligible area. But John Paterakis' Harbor East Development Group asked last summer to have it re-included, and the company won support from the city. Harbor Point is where Chicago-based Exelon Corp. — parent of Baltimore Gas and Electric Co. — expects to build its local headquarters.
The Salisbury-Wicomico County Enterprise Zone, meanwhile, was expanded by 435 acres, more than 10 percent.
Expanding businesses in Enterprise Zones can apply for tax breaks. Companies creating jobs could be eligible for tax credits reducing state income taxes, while those taking on capital projects could get property-tax credits.
twitter.com/jsmithhopkinsCopyright © 2015, The Baltimore Sun