MD HB750

Amends eligibility requirements for Washington County's economic development property tax credit by adding "renovation" of existing premises as a qualifying activity alongside new construction and expansion

Increases job creation thresholds: existing businesses must now create 5 new full-time positions (up from 1), new businesses must create 25 positions (up from 5), and major capital investment projects must create 200 positions (up from 100)

Doubles the minimum capital investment requirement from $10 million to $20 million for businesses qualifying under the large investment pathway

Restructures credit percentages and duration: for existing businesses, reduces from 6 years to 3 years (55%/40%/25%); for new businesses, increases rates significantly (55%/40%/25% over 6 years, up from 30%/20%/10%); for major investors, extends from 15 to 15 years with graduated annual decreases from 75% to 25%

Takes effect June 1, 2025, applicable to taxable years beginning after June 30, 2025