Page 46 - Garrett County & Deep Creek - 2019/2020 Visitor Guide
P. 46

  Quality of Life: Economic Development
   Business and
Industrial Property
Six industrial/business parks, with access to major highways and underlying infrastructure in place, are strategically located throughout Garrett County. Acreage is still available in the 240-acre Keysers Ridge Business Park off I-68, and the 135-acre park located adjacent to the Garrett County Airport. One lot (4.2 acres) is still available in the Southern Garrett Business & Technology Park located along MD Route 135 in Oakland. Located on
the Garrett College campus, the Garrett Information Enterprise Center offers incubator space to new and expanding technology-based businesses and is the perfect environment for facilitating the successful development of technology- intensive companies.
Tax Rates
Income (2012-2016)
Distribution
Under $25,000 $25,000-$49,999 $50,000-$74,999 $75,000-$99,999 $100,000-$149,999 $150,000-$199,999 $200,000 and over Median household Average household Per capita
Total income (millions)
Garrett County
26.1 28.0 17.5 11.6 11.5 2.6 2.6 $46,277 $61,003 $25,096 $710
Percent Households
Maryland U.S.
14.9 22.3 17.6 23.1 16.9 17.8 13.3 12.2 18.4 13.5 9.2 5.4 9.7 5.7 $76,067 $55,322
$100,071 $77,866 $37,756 $29,866 $217,904 $9,166,046
                                       Garrett Co.
  Maryland
 Corporate Income Tax (2018)
  None
 8.25%
   Base – federal taxable income
  Personal Income Tax (2018)
    2.65%
   2.0-5.75%*
   Base – federal adjusted gross income; *Graduated rate peaking at 5.75% on taxable income over $300,000
  Sales & Use Tax (2018)
  None
 6.0%
   Exempt – sales for resale; manufacturer’s purchase of raw materials; manufacturing machinery and equipment; purchases of materials and equipment used in R&D and testing of finished products; purchases of computer programs for reproduction or incorporation into another computer program for resale.
  Real Property Tax (FY 19)
   None
 None
   Effective rate per $100 of assessed value; In an incorporated area, the county rate may vary and a municipal rate will also apply.
  Business Personal Property Tax (FY 19)
  None
 None
   No county personal property tax on ordinary business property; $2.475/$100 applicable to operating property of utilities and non-utility electric generators. In an incorporated area, a municipal rate may apply; municipal exemptions may be available.
   Major Tax Credits Available
Enterprise Zone, Job Creation, More Jobs for Marylanders, R&D, Biotechnology and Cybersecurity Investment, Arts & Entertainment District, Garrett County Business Real Property Tax Credit, One Maryland, Hire Our Veterans, Maryland Wineries & Vineyards
        
Bank Administrator
 
 
                      44  The Deep Creek Experience






















































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