Are you looking to start a franchise in Baltimore County? You may be eligible for a variety of direct funding programs and tax credits to help grow your business, encourage investment and job creation in the area. From tax credits to grants, there are plenty of incentives available to those looking to start a franchise in Baltimore County. The Montgomery County Biotechnology Investor Incentive Program is a supplemental grant available to investors from biotechnology companies located in Montgomery County. Businesses located in Maryland that create new positions and establish or expand business facilities in the state may be entitled to a tax credit.
The program provides federal tax incentives for investments in real estate projects and for commercial operation in designated communities. A qualified theater production entity may be entitled to a Maryland refundable income tax credit to cover certain costs incurred in the state that are necessary to carry out a theatrical production activity. If the tax credit allowed in a tax year exceeds the total tax that would otherwise have to be paid by the qualifying theatrical production entity for that tax year, the qualifying theatrical production entity can request a refund for the amount of the excess. Companies that invest in research and development in Maryland may be entitled to an income tax credit.
The county's local incentive program aimed to boost job and business growth in the cybersecurity sector. The Boost Loan Fund program provides access to capital to specific businesses, including small businesses owned by minorities, women, and veterans in the Baltimore metropolitan area. Montgomery County offers a local supplement to the Maryland cybersecurity investment incentive tax credit to qualified Maryland cybersecurity companies that receive a definitive Maryland tax credit certificate and are headquartered and based in Montgomery County. Whenever an income tax credit is requested to cover administrative security expenses or expenses related to a SCIF, an additional modification must be made to the amount of the credit requested on line 3 of part J-I of Form 500CR.
If, at any time during the three tax years following the year in which the credit was obtained, the average number of qualified positions falls more than 5% below the average number of qualified positions during the year in which the credit was obtained, a portion of the credit will be recovered for the tax year in which this occurs. Baltimore County offers plenty of incentives for those looking to start a franchise. From grants and tax breaks to loan funds, there are plenty of ways you can get your business off the ground. Be sure to research all of your options before making any decisions.