In a bid to spur economic development, Gov. Larry Hogan wants to spend $56.5 million in Maryland’s economic zones, 149 struggling areas of the state that are federally subsidized. More than 40 of these zones are located in Baltimore.
“Providing federal capital gains tax incentives is a great start, but it may not be enough to ensure the revitalization of many of these neighborhoods and communities,” Hogan said, according to The Baltimore Sun. “So we plan to do everything in our power to utilize new and existing state and federal programs, grants and funding sources, and to have all of our state agencies work collaboratively with our county and municipal governments and the private sector to supercharge our opportunity zone revitalization. Our plan is to make Maryland’s 149 opportunity zones the most competitive ones in America.”
NFIB hasn’t yet taken a position on the proposal.
“NFIB looks forward to working with the administration and legislators to advance policies that will make it easier for small businesses to open, operate, and grow their business,” said NFIB State Director Mike O’Halloran. “We hope policy makers double down on efforts to create a business-friendly atmosphere here in Maryland.”
