[HISTORY: Adopted by the Board of County Commissioners of Allegany County 8-25-2016 by Bill No. 4-16, effective 10-1-2016. Amendments noted where applicable.]
A company wishing to locate in Allegany County may apply for an Allegany County economic development incentive, as provided for herein.
To qualify, a company must be a new company to Allegany County providing new employment; provided, however, that the incentive shall not apply to the following businesses or industries:
To qualify for the tax credit, the company must employ at least three new full-time employees, which cannot include owners of the company or principals of the company. Employees must reside in Allegany County within one year of their hire and must be residents of Allegany County at the time the credit is received by the company.
The company must apply for the credit and prove that the employee is full-time (working in excess of 35 hours per week), has been on the payroll for at least one year, and is residing in Allegany County at the time the credit is to be paid. Minimum salary for the incentive award is to be $45,000 per year.
Companies, to be eligible, must be new companies to Allegany County.
The Allegany County Commissioners, from time to time, shall promulgate regulations to carry out the terms and conditions of this incentive program.
This incentive program shall become effective October 1, 2016.