Ch. 506

1996 LAWS OF MARYLAND

(iii) is not a swimming pool, tennis court, or similar recreational
facility; [and]                                                               

(2)     real property that is subject to the county's agricultural land
preservation program; AND

(3)     SUBJECT TO SUBSECTIONS (B) AND (C) OF THIS SECTION, REAL
PROPERTY THAT IS NEW CONSTRUCTION OR AN IMPROVEMENT TO REAL PROPERTY
OF A COMMERCIAL OR INDUSTRIAL BUSINESS THAT:

(I)      IS CURRENTLY OR WILL BE DOING BUSINESS IN HOWARD
COUNTY;

(II)     WILL EMPLOY AT LEAST 12 ADDITIONAL FULL-TIME LOCAL
EMPLOYEES BY THE SECOND YEAR IN WHICH THE CREDIT IS ALLOWED, NOT
INCLUDING ANY EMPLOYEE FILLING A JOB CREATED WHEN A JOB FUNCTION IS
SHIFTED FROM AN EXISTING LOCATION IN THE STATE TO THE LOCATION OF THE
NEW CONSTRUCTION OR IMPROVEMENT; AND

(III)   MAKES A SUBSTANTIAL INVESTMENT IN HOWARD COUNTY,
WHICH MAY BE:

1. THE ACQUISITION OF A BUILDING, LAND, OR EQUIPMENT
THAT TOTALS AT LEAST $2,000,000; OR

2. THE CREATION OF 10 POSITIONS WITH SALARIES
GREATER THAN THE CURRENT AVERAGE ANNUAL WAGE IN HOWARD COUNTY.

(B) IN ESTABLISHING A TAX CREDIT UNDER SUBSECTION (A)(3) OF THIS
SECTION, THE GOVERNING BODY OF HOWARD COUNTY:

(1)     SHALL DEVELOP CRITERIA NECESSARY TO IMPLEMENT THE
CREDIT;

(2)     SHALL DESIGNATE AN AGENCY TO ADMINISTER THE CREDIT; AND

(3)     MAY SPECIFY:

(I)      THE AMOUNT AND DURATION OF THE CREDIT;

(II)    THE QUALIFICATIONS AND APPLICATION PROCEDURES FOR
THE CREDIT; AND

(III) ANY OTHER REQUIREMENT OR PROCEDURE FOR THE
GRANTING OR ADMINISTRATION OF THE CREDIT THAT THE GOVERNING BODY.
CONSIDERS APPROPRIATE

(C) A PROPERTY TAX CREDIT UNDER SUBSECTION (A)(3) OF THIS SECTION
MAY NOT EXCEED THE AMOUNT OF COUNTY PROPERTY TAX IMPOSED ON THE
INCREASE IN ASSESSMENT THAT IS DUE TO THE NEW CONSTRUCTION OR
IMPROVEMENTS MADE TO THE PROPERTY OF THE BUSINESS ENTITY APPLYING FOR
THE CREDIT.

- 2946 -