Maryland Bill to Establish OZ Incentives, Extend State HTC Awaits Governor’s Signature
Maryland legislation that establishes the Opportunity Zone (OZ) Enhancement program and extends the state historic tax credit (HTC) program through 2024 has been sent to Gov. Larry Hogan for his signature. S.B. 581 would make qualifying businesses in OZs eligible for six state tax credit incentives. The bill also would extend the sunset date of the state HTC program from 2022 to 2024, increase the annual tax credit allocation in the More Jobs for Marylanders program from $9 million to $11 million, add certain OZs to regions available for priority funding and authorize local governments to create a tax credit against local property taxes for OZ investments.