In a time when a broken national economy has driven many businesses to close their doors, Hyattsville is putting out the bait to draw certain types of establishments into its part of the county's Gateway Arts and Entertainment District.
On Monday, the City Council passed a motion to establish a tax credit for those who build or renovate property for artists to live there or for arts and entertainment purposes.
The tax credit is based on the incremental increase of property value because of such investments.
The motion indicates a declining tax rate of 100 percent in taxable year one; 80 percent in taxable year two; 60 percent in taxable year three; 40 percent in taxable year four; and 20 percent in taxable year five.
Other tax credits for businesses are available from Prince George's County including the Enterprise Zoning Programs and the Revitalization Area Tax Credit. To download an application for these credits, click here.