There is a new program, the More Jobs for Marylanders (MJFM) tax credit, that is specifically aimed at manufacturers. The great news about the program is that it includes distilleries!
The largest tax credit is reserved for new businesses locating in Allegany, Washington, Baltimore City, Baltimore County, Prince George’s, Dorchester, Worcester and Somerset. However, even existing businesses in these counties, as well as new and existing businesses in all other counties, also get tax credits under MJFM.
To be defined as a new business, you need to file the Notice of Intent form with the Commerce Department before you open. The filing preserves the credit that can be applied for later, once jobs are added.
Existing manufacturing businesses will qualify for the 10-year income tax credit if they create five jobs in a Tier 1 county (counties listed above) or 10 jobs in a Tier 2 County, which includes all remaining Maryland counties.
The NAIC code asked for on the form is: Distillers – 312140