[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.
A.
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:
B.
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.
B.
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.