What is the New Job Creation Tax Credit for hiring economically disadvantaged employees?

The following is an illustration of how the New Job Creation Tax Credit for hiring economically disadvantaged employees works:

  • If a corporation hires a new employee when locating its business in the City of Seat Pleasant, a Maryland Focus Enterprise Zone. By locating the business in a Focused Enterprise Zone under the New Job Creation Tax Credit Program, the corporation would be entitled to a one-time tax credit of $5,000. If the corporation's income tax liability is $5,000 in the current year period, this tax credit would lower the business taxes for the corporation to zero during the current year period and return $5,000 in cash to its corporation balance sheet.
  • Sole proprietorship, corporations, and pass-through entities such as partnerships, subchapter S Corporations, limited liability companies, and business trusts may claim these credits.

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1. What is the General Income Tax Credit for hiring new employees?
2. What is the Large State Income Tax Credit for hiring economically disadvantaged employees?
3. What is the New Job Creation Tax Credit for hiring economically disadvantaged employees?
4. What is a Business Personal Property Tax Credit?
5. What are Real Estate Tax Credits for new construction?
6. What are Opportunity Zones Tax Deferrals or Abatements?
7. What is a New Market Tax Credit (NMTC) and how does the Tax Credit Work in the City of Seat Pleasant?
8. What is the purpose of Health Enterprise Zone (HEZ) Investment Initiative?
9. How does a Sustainable Community Designation receive funding?
10. What is a Qualified Opportunity Fund?
11. Does an investor need to live in Seat Pleasant to take advantage of the tax benefits of an Opportunity Zone?
12. Is the City of Seat Pleasant a qualified HUB Zone?
13. What are the guidelines for federal level tax incentives?
14. How do I apply for a business license?
15. What is the Economic Development Revolving Loan Fund (ED-RLF)?
16. What is the EB-5 Visa Program?
17. What's the difference between an Opportunity Zone investment versus a Non-Opportunity Zone investment?