312

LAWS OF MARYLAND

Ch. 8

BEFORE THE TAXABLE YEAR IN WHICH A PROPERTY TAX CREDIT UNDER THIS
SECTION IS TO BE GRANTED.

(3)  (I) "BASE YEAR ASSESSMENT" MEANS THE ASSESSMENT
ON WHICH THE PROPERTY TAX ON REAL PROPERTY WAS IMPOSED FOR THE
BASE YEAR.

(II) "BASE YEAR ASSESSMENT" DOES NOT INCLUDE
ANY NEW REAL PROPERTY THAT WAS FIRST ASSESSED IN THE BASE YEAR.

(4)  (I) "BUSINESS ENTITY" MEANS A PERSON WHO OPERATES
OR CONDUCTS A TRADE OR BUSINESS.

(II) "BUSINESS ENTITY" INCLUDES A PERSON WHO
OWNS, OPERATES, DEVELOPS, CONSTRUCTS, OR REHABILITATES REAL
PROPERTY, IF THE REAL PROPERTY:

1.  IS INTENDED FOR USE PRIMARILY AS
SINGLE OR MULTIFAMILY RESIDENTIAL PROPERTY LOCATED IN THE
ENTERPRISE ZONE; AND

2.  IS PARTIALLY DEVOTED TO A
NONRESIDENTIAL USE.

(5)  "ELIGIBLE ASSESSMENT" MEANS THE DIFFERENCE
BETWEEN THE BASE YEAR ASSESSMENT AND THE ACTUAL ASSESSMENT AS
DETERMINED BY THE DEPARTMENT FOR THE APPLICABLE TAXABLE YEAR IN
WHICH THE TAX CREDIT UNDER THIS SECTION IS TO BE GRANTED.

(6)  "QUALIFIED PROPERTY" MEANS REAL PROPERTY THAT IS:

(I)  NOT USED FOR RESIDENTIAL PURPOSES;

(II)  USED IN A TRADE OR BUSINESS BY A BUSINESS
ENTITY THAT MEETS THE REQUIREMENTS OF ARTICLE 41, § 266KK-2 OF
THE CODE; AND

(III)  LOCATED IN AN ENTERPRISE ZONE THAT IS
DESIGNATED UNDER ARTICLE 41, § 266KK-2 OF THE CODE.

(B)  COUNTY OR MUNICIPAL CORPORATION TAX.

THE GOVERNING BODY OF A COUNTY OR OF A MUNICIPAL CORPORATION
SHALL GRANT A TAX CREDIT UNDER THIS SECTION AGAINST THE PROPERTY
TAX IMPOSED ON THE ELIGIBLE ASSESSMENT OF QUALIFIED PROPERTY.

(C)  ENTERPRISE ZONES IN MUNICIPAL CORPORATIONS.

UNLESS THE COUNTY IN WHICH A MUNICIPAL CORPORATION IS
LOCATED AGREES TO THE DESIGNATION OF AN ENTERPRISE ZONE IN THE
MUNICIPAL CORPORATION, QUALIFIED PROPERTY IN THE MUNICIPAL
CORPORATION MAY NOT RECEIVE A TAX CREDIT AGAINST COUNTY PROPERTY
TAX.

(D)  AMOUNT.