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More Details for Business Funding & Incentives

This page has more details about Business Funding & Incentives.

On this page

• Biotechnology Investor Incentive Program
• Economic Development Grant and Loan Program
• Fire Sprinkler Systems Tax Credit
• Fuel Energy Tax Exemption for Onsite Clean Energy

Biotechnology Investor Incentive Program

Montgomery County was first in the nation with a local biotechnology investment incentive program.

The Montgomery County Biotechnology Investor Incentive Program is a supplemental grant available to investors of biotechnology companies located in Montgomery County. Investors who are approved and receive tax credits from the Maryland Biotechnology Investment Incentive Tax Credit Program will automatically receive the supplemental grant from the County. The supplemental grants are typically disbursed between March and May each year for investments made in the previous calendar year.

For more information, contact the Montgomery County Department of Finance at 240-777-8860.

Economic Development Grant and Loan Program

Financial assistance to private employers who retain jobs or stimulate new job creation in Montgomery County.

Priority is given to the following businesses:

• high technology companies
• manufacturing companies
• businesses located in urban revitalization areas, and
• other private employers providing the greatest public benefits.

Amount

The typical amount of EDF assistance ranges from $5,000 to $100,000. Higher amounts are possible for businesses involved in large projects.

Evaluation Criteria

Projected employment growth and capital investment, or other positive economic impacts that the County's assistance will facilitate.

• Financial history and projections, including balance sheets, income statements, and cash flow statements.
• Background of the company and its management.
• Present and future market outlook for the business.

The applications will be further evaluated using “priority” criteria to arrive at a funding decision.

Priority will be given to:

• cases where the private employer's business will create significant employment growth by creating new jobs within 1 to 3 years of funding.
• cases that will result in significant capital investment in the county.
• assistance that will materially improve the County's economy and advance the County's economic development objectives and strategies.
• cases where County funding complements and leverages existing state and private sector funding programs.

Fire Sprinkler Systems Tax Credit

Description

A taxpayer may receive a one-time real property tax credit against the General County tax for any detached single-family dwelling unit, and any attached dwelling unit or multi-family building in which a fire sprinkler system was not legally required to be installed, if an approved complete automatic sprinkler system that is used for fire protection is installed on or after July 1, 2000.

The tax credit may not exceed the lesser of (1) the total cost of installing the sprinkler system; or (2) 50% of the General County property tax attributable to the dwelling unit or building.

A taxpayer must apply for the tax credit in the year the sprinkler system is installed to receive the credit in that tax year or the following tax year.

Contact

For more information, contact the Montgomery County Department of Finance at 240-777-8931.

Fuel Energy Tax Exemption for Onsite Clean Energy

Electricity generated through onsite solar installation is exempt from the County’s Fuel Energy Tax, which applies to fossil-fuel generated electricity and other building fuels. (Please refer to information from electric utility companies on receiving bill credits for onsite electric generation).