FREDERICK, Md. — The Maryland Department of Commerce recently designated a new enterprise zone in Frederick County along the U.S. 40 corridor known as the “Golden Mile.”
The new, 530-acre Frederick County Enterprise Zone includes approximately 350 businesses and 28 percent of the total commercial area in the city of Frederick. Since its development in the early 1970s, this area has seen a decline in activity because of changes in retail trends and the closure of Fredericktown Mall in 2014.
The state approves the state’s enterprise zones, while local governments are responsible for their administration. Businesses in enterprise zones may be eligible for a tax credit towards state income tax filings based upon the number of new jobs created, and a tax credit on property taxes based upon their overall capital investment into a property.