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Session Laws, 1983
Volume 745, Page 2108   View pdf image
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2108                                             LAWS OF MARYLAND                                        Ch. 666 in such enterprise zone on the date on which such enterprise zone
is designated or, is acquired, constructed, or improved
thereafter]. [(2)] (3) "Base year [assessment]" means [the taxable
assessment upon which real property taxes were levied in] the
taxable year immediately preceding the taxable year in which the
[enterprise zone was designated] FIRST SPECIAL TAX CREDIT UNDER
THIS SECTION IS TO BE GRANTED. (4) "BASE YEAR ASSESSMENT" MEANS THE ACTUAL
ASSESSMENT UPON WHICH REAL PROPERTY TAXES WERE LEVIED FOR THE
BASE YEAR, EXCLUDING ANY NEW PROPERTY THAT WAS FIRST ASSESSED IN
THE BASE YEAR. [(3)] (5) "Eligible assessment" means the difference
between the base year assessment and the actual assessment as
determined by the Department of Assessments and Taxation for the
applicable taxable year in which the special tax credit [provided
for in] UNDER this section is to be granted. THE DEPARTMENT
SHALL ALLOCATE THE ELIGIBLE ASSESSMENT TO THE NONRESIDENTIAL
PORTION OF THE QUALIFIED PROPERTY AS A PERCENTAGE OF THE SQUARE
FOOTAGE OF THE NONRESIDENTIAL PORTION TO THE TOTAL SQUARE FOOTAGE
OF THE BUILDING. Article 81 - Revenue and Taxes 291A. (a) In this section the following words have the meanings
indicated: (1)   "Business entity" means a person conducting or
operating a trade or business; (2)   "Enterprise zone" means an area designated under
§ 266KK-2 of Article 41; AND (3) "Qualified employee" means an individual: (i) 1. Employed at least 25 hours per week by
business entity for at least 6 months during that business
entity's taxable years; and [(ii)] 2. Who spends at least one-half of the
hours for which wages are paid to such employee by the business
entity during that business entity's taxable year either in the
enterprise zone or on activities of the business entity resulting
directly from its location in the enterprise zone; AND (II) WHO IS A NEW EMPLOYEE; OR (III) WHO IS A FORMER EMPLOYEE LAID OFF IN THE
YEAR IMMEDIATELY PRECEDING EMPLOYMENT IN THE ENTERPRISE ZONE.


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Session Laws, 1983
Volume 745, Page 2108   View pdf image
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