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HARRY HUGHES, Governor 2107
with the standards submitted by the political subdivision under §
266KK-2(c).] IS CERTIFIED BY THE RESPECTIVE POLITICAL SUBDIVISION
THAT IT IS IN COMPLIANCE WITH THE STANDARDS SUBMITTED BY THE
SUBDIVISION UNDER § 266KK-2(D)(4); AND
(3) (I) THE BUSINESS ENTITY CREATES NEW OR ADDITIONAL
JOBS OR MAKES A CAPITAL INVESTMENT IN ORDER TO QUALIFY FOR THE
SPECIAL PROPERTY TAX CREDIT UNDER ARTICLE 81, § 12G-11 AND THE
INCOME TAX CREDITS UNDER ARTICLE 81, § 291A; AND
(II) IN CONSIDERING WHETHER THE BUSINESS ENTITY
QUALIFIES FOR LOANS AND GRANTS UNDER THE MARYLAND INDUSTRIAL LAND
ACT AND THE MARYLAND INDUSTRIAL AND COMMERCIAL REDEVELOPMENT FUND
AND FOR INSURANCE UNDER THE ENTERPRISE ZONE VENTURE CAPITAL
GUARANTEE FUND, THE SECRETARY DETERMINES THAT THE BUSINESS ENTITY
WILL CREATE NEW OR ADDITIONAL JOBS.
(C) Any business entity located within an enterprise zone
before the date on which the enterprise zone is designated
pursuant to 266KK-2 may not benefit from the incentives and
initiatives set forth in this section except with respect to any
capital investment or any expansion of its labor force occurring
after the date on which the enterprise zone is designated.
[(c)] (D) Except as provided in Sections 12G-11 and 291A of
Article 81, the incentives and initiatives set forth in this
section shall be available for a period of 10 years following the
date on which the area is designated an enterprise zone pursuant
to § 266KK-2. No law hereinafter enacted that eliminates or
reduces the benefits available to business entities under this
section shall be applicable to any business entity located in an
enterprise zone prior to the effective date of such law.
Article 81 - Revenue and Taxes
12G-11.
(a) In this section the following terms have the meanings
indicated.
(1) (I) "BUSINESS ENTITY" MEANS A PERSON OPERATING OR
CONDUCTING A TRADE OR BUSINESS.
(II) "BUSINESS ENTITY" DOES INCLUDE A PERSON
OWNING, OPERATING, DEVELOPING, CONSTRUCTING, OR REHABILITATING
PROPERTY INTENDED FOR USE PRIMARILY AS SINGLE OR MULTIFAMILY
RESIDENTIAL PROPERTY LOCATED WITHIN THE ENTERPRISE ZONE PROVIDED
THE PROPERTY IS PARTIALLY DEVOTED TO NONRESIDENTIAL USE.
[(1)] (2) "Qualified property" means THAT PORTION OF
THE real property NOT USED FOR RESIDENTIAL PURPOSES WHICH IS used
BY A BUSINESS ENTITY THAT SATISFIES THE REQUIREMENTS OF § 266KK-4
OF ARTICLE 41, in connection with a trade or business [and]
located in an enterprise zone designated under the provisions of
§ 266KK-2 of Article 41[, provided that such property is existing
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