Maryland to Expand OZ Incentive

Friday, January 4, 2019 - 9:00am

Maryland Gov. Larry Hogan announced a series of initiatives this week to expand the opportunity zones (OZ) incentive in his state. Maryland will make $20 million available for building or renovating affordable housing, $8 million for small business lending and $3.5 million for site acquisition and demolition of derelict buildings and redevelopment in OZs. The state’s EARN workforce development grant program will invest $3 million in a job training program for businesses in the state’s 139 OZs and the state will issue other grants for businesses to provide workforce training programs. Hogan also signed an executive order to create a state OZ leadership task force, which will host regional summits throughout the state. He said his administration will introduce the More Opportunities for Marylanders Act of 2019 to extend a 10-year tax credit for each new job created by a company that locates or expands in an OZ in the state.