Regional Institution Strategic Enterprise Zone Program (RISE)

About this funding opportunity

Turn on more accessible mode

Turn off more accessible mode

Sign In

Menu Menu

Maryland.gov State Directory State Agencies Online Services About Commerce Financial Incentives News, Events & Documents Press Room Events Calendar Document Library MDBIZ News Blog Why Maryland

Press Room

Events Calendar

Document Library

MDBIZ News Blog Regional Institution Strategic Enterprise (RISE) Zone Program

Page Content Sunset Date of the RISE Zone Program: January 1, 2030.

Sunset Change - Property and income tax credits are limited to businesses locating in Zone before January 1, 2023.

A RISE Zone is a geographic area that has a strong nexus with a qualified institution and is targeted for increased economic and community development.

Qualified institutions include institutions of higher education, regional higher education centers or non-profits affiliated with a federal agency.

The purpose of RISE Zones is to access institutional assets that have a strong and demonstrated history of commitment to economic development and revitalization in the communities in which they are located. Qualified institutions and local governments develop a targeted strategy to use the institutional assets and financial incentives to attract businesses and create jobs within the zone. The program also incentivizes the location of innovative start-up businesses based on technology developed licensed or poised for commercialization at or in collaboration with qualified Maryland institutions.

A RISE Zone designation will be in effect for 5 years, with a possible additional 5-year renewal. Counties and municipalities are limited to a maximum of three RISE Zones, and the size of each Rise Zone is limited to 500 acres.

The current RISE Zones are:

Municipality RISE Zone Acres Expires Baltimore County Towson University 419 6/12/2028 Montgomery Montgomery College 28 9/27/2028 Prince George's Greater College Park 470.54 8/27/2027 See a map of RISE Zones in Maryland. BENEFIT

The benefits for businesses locating in a RISE Zone or an existing business making a significant capital investment or expansion within the RISE Zone include: Real Property Tax Credits, A five-year credit against the property tax on a portion of the real property expansion, renovation or capital improvement. The amount of the credit is at least 50% of the “eligible assessment” in the first year, and at least 10% in the second through fifth taxable years. Income Tax Credit, There are two types of income tax credits for businesses in a RISE Zone: A one-time $1,000 tax credit for each qualified new employee filing a newly created position in a RISE Zone; and a $6,000 credit claimed during a three-year period for hiring an economically disadvantaged employee in a RISE Zone.

There are additional benefits for businesses located within a RISE Zone that have certain nexus to a Qualified Institution: Rental Assistance Program, A Qualified Institution, political subdivision, county and/or a municipality may establish a program to provide rental assistance to a business that moves into or locates in a RISE Zone on or after the date of the RISE Zone designation, has nexus with a Qualified Institution located the RISE Zone, and has been in active business no longer than 7 years. A business is eligible for rental assistance for up to three years. Enhanced Investor Tax Credit - A qualified investor may be eligible for an enhanced income tax credit equal to 50% of the investment made to a Qualified Maryland Biotechnology Company (QMBC) under the Biotechnology Incentive Investment Tax Credit Program. APPLY

Commerce administers the designation of the Qualified Institution and RISE Zone. Once Commerce designates the RISE Zone, each Qualified Institution, political subdivision, County and/or Municipality is responsible for qualifying eligible businesses for the Real Property Tax Credit, the Income Tax Credit, and the Rental Assistance Fund.

The designation of a RISE Zone is a two-step process.…

Topic areas: Public Policy and Governance, Smart Cities, Housing and Community Development, Workforce Development.

Funding amount

This grant provides Varies in funding.

Deadline

Applications are accepted on a rolling basis; there is no single fixed deadline.

Who can apply

This opportunity is open to the following applicant types:

• Not specified by the program.

Eligibility

The program did not publish a separate eligibility statement. See the official opportunity page for the full eligibility criteria.

Agency

Regional Institution Strategic Enterprise Zone Program (RISE) is administered by Maryland Department of Commerce (MD Commerce), listed via Maryland Department of Commerce.