CITY OF COLLEGE PARK
Revitalization Tax Credit Program: As part of the City of College Park’s effort to attract high-quality redevelopment, the Revitalization Tax Credit Program provides financial incentives by creating revitalization districts in the City and setting criteria for granting property tax credits against the municipal corporation property tax imposed on city real property.
Qualifying projects are eligible to receive a 5-year tax credit on city real property taxes based on the increased assessment attributed to the taxable improvements upon project completion as determined by the Supervisor of Assessments. The tax credit shall be in an amount equal to 75% of the increased assessment of city tax imposed in the first year; 60% in the second year; 45% in the third year; 30% in the fourth year; and 15% in the fifth year.
For more information about these programs contact the Department of Planning, Community & Economic Development at (240) 487-3538 or email@example.com.
PRINCE GEORGE’S COUNTY ECONOMIC DEVELOPMENT CORPORATION
Prince George’s County Revitalization Tax Credit: This program encourages redevelopment and investment in inner-beltway communities, as the credits are available in all census tracts where the median income does not exceed the County’s median. All of College Park is eligible, except for the Hollywood neighborhood and areas north of Cherry Hill Road. Eligible improvements to real property located within qualified areas shall be allowed a tax credit on County real property taxes.
Eligible improvements include:
- construction, reconstruction, or extension of non-residential structures;
- reconstruction or extension of existing residential structures;
- construction or reconstruction of new single-family residential structures that are built on lots on which a residential structure has been razed or demolished within the prior five years, or on vacant lots between adjacent lots with single-family residential structures;
- new construction in developments of less than ten one-family dwellings;
- new construction in developments of ten or more one-family dwellings, or new multi-family units, may be eligible for the tax credit upon resolution of the County Council.
For the first tax year following the year in which the improvements are completed and assessed, non-residential improvements receive a tax credit for 100% of the amount of the County property tax imposed on the increased assessment. The tax credit is reduced to 80% in the second tax year, 60% in the third year, 40% in the fourth year, and 20% in the fifth year.
Residential improvements for the first tax year following the year in which the improvements are completed and assessed, receive a tax credit of 100% of the amount of the County property tax imposed on the increased assessment. The tax credit is reduced to 66% in the second tax year, and 33% in the third year. The maximum amount of eligible residential improvements is $200,000 per dwelling unit.
For more information about this program contact Tina Schaeffer , County Office of Finance, at (301) 952-5833 or TSchaeffer@co.pg.md.us.
Economic Development Incentive Fund: The $50 million fund is for the expansion of the County’s commercial tax base, promotion of major development and redevelopment opportunities, TOD development, job retention and attraction, and growth of key industry sectors.
Eligible uses include land acquisition, building construction and improvement, equipment acquisition and working capital. Applications are expected be available in early 2012. Additional details regarding the program can be found here.
For more information about this program contact the Prince George’s Economic Development Corporation at (301) 583-4601.
PRINCE GEORGE’S COUNTY COMMUNITY CAPITAL CORPORATION PROGRAM
This program is a joint venture between the Redevelopment Authority and the Financial Services Corporation.
New Market Tax Credits: Although these tax credits are federally provided, the Prince George’s County Community Capital Corporation is the local intermediary, which applies to the U.S. Treasury Department to receive New Market Tax Credits (NMTC). These tax credits can be used in variety of ways to facilitate a project by providing an additional equity or financing source.
For more information about this program contact the Prince George’s County Financial Services Corporation at (301) 883-6900.