Calvert County Board of County Commissioners Designate Patuxent Business Park a Commerce Zone, Enabling Tax Credit for New Business
The Calvert County Board of County Commissioners (BOCC) Tuesday voted 5-0 to designate Patuxent Business Park (PBP) a commerce zone, authorizing real property tax relief for new businesses that seek to open or expand in the Lusby park.
The BOCC has listened closely to the business community and made process improvements designed to ease the regulatory burdens associated with business creation and expansion. The board’s vote offers a temporary tiered incentive to businesses that construct a new premise or expand an existing premise by automatically qualifying the business owner for a real property tax credit. The tax credit begins at 50 percent for the first five years. The credit goes to 25 percent for years six and seven, then to 15 percent for years eight through 10 before expiring. The credit applies only to real property taxes imposed by Calvert County.
“When the current board of commissioners took office in 2014, one of our goals was to enhance county government’s support for business growth,” said BOCC President Evan Slaughenhoupt Jr. “Real property tax credits are a common economic development tool used by jurisdictions across the nation. The commerce zone designation is an incentive that will help Calvert County compete.”
“Two of the most common factors that scuttle business siting in Calvert County are lack of available space and finance challenges,” added Calvert County Department of Economic Development Director Linda Vassallo.
“The BOCC’s actions will help alleviate some of those impediments. The commerce zone is an excellent business development marketing tool.”
The commerce zone ordinance allows the BOCC to establish zones in areas outside of PBP in order to target commercial growth. Each new proposed zone requires a public hearing and the public will have ample opportunity to learn about these proposals and weigh in.