BROWNFIELDS TAX CREDIT
The Baltimore Development Corporation assists businesses considering brownfield sites to overcome impediments to redevelopment. Since 1996, more than 40 Brownfields projects have been completed in Baltimore City, producing more than 7,000 new or retained jobs and leveraging more than $500 million in new investment.
Brownfields are vacant or underutilized sites where contamination (or merely the perception of contamination) is hindering new investment. For sites eligible for Maryland’s Voluntary Cleanup Program (VCP), there is a five-year tax credit of 50-70 percent on the increase in City property tax (10-years if the property is in an Enterprise Zone) following the completion of a redevelopment project on a brownfield site.
For questions about brownfields tax credits, please contact us by phone at 410-837-9305 or via email at info@BaltimoreDevelopment.com.