Ch. 623

1997 LAWS OF MARYLAND

(C)     (1) TO QUALIFY FOR A PROPERTY TAX CREDIT UNDER THIS SECTION
AGAINST PROPERTY TAX IMPOSED ON REAL PROPERTY, A BUSINESS ENTITY SHALL:

(I)       CONSTRUCT OR EXPAND BY AT LEAST 5,000 SQUARE FEET THE
PREMISES ON WHICH IT CONDUCTS ITS BUSINESS, THROUGH PURCHASING OR
CONSTRUCTING NEW PREMISES OR BY LEASING NEW PREMISES; AND

(II)     EMPLOY AT LEAST 15 25 INDIVIDUALS IN NEW PERMANENT
FULL-TIME POSITIONS IN THE NEW OR EXPANDED PREMISES.

(2) A PROPERTY TAX CREDIT MAY NOT BE GRANTED UNDER THIS
SECTION IF:

(I)      THE BUSINESS ENTITY HAS MOVED ITS OPERATIONS FROM
ONE POLITICAL SUBDIVISION IN THE STATE TO ANOTHER;

(II)     THE PROPERTY NEW OR EXPANDED PREMISES HAS
OTHERWISE BEEN GRANTED A TAX CREDIT OR EXEMPTION UNDER THIS ARTICLE
FOR THE TAXABLE YEAR; OR

(III)    THE BUSINESS ENTITY HAS BEEN CERTIFIED FOR A TAX
CREDIT UNDER ARTICLE 83A, § 5-1101 OF THE CODE.

(D)     TO QUALIFY FOR A PROPERTY TAX CREDIT UNDER THIS SECTION
AGAINST PROPERTY TAX IMPOSED ON PERSONAL PROPERTY A BUSINESS ENTITY
SHALL CERTIFY THAT THE PERSONAL PROPERTY IS LOCATED ON THE NEW OR
EXPANDED PREMISES THAT QUALIFY FOR A TAX CREDIT UNDER SUBSECTION (C)
OF THIS SECTION.

(E)     (1) THE GOVERNING BODY OF THE COUNTY OR MUNICIPAL
CORPORATION SHALL COMPUTE THE AMOUNT OF THE PROPERTY TAX CREDIT
GRANTED UNDER SUBSECTION (B)(1) OF THIS SECTION FOR NEWLY CONSTRUCTED
NEW OR EXPANDED PREMISES AND THE PERSONAL PROPERTY LOCATED ON THOSE
PREMISES THAT MAY BE CLAIMED AGAINST THE COUNTY OR MUNICIPAL
CORPORATION PROPERTY TAXES THAT WOULD OTHERWISE BE DUE TO EQUAL A
PERCENTAGE OF THE AMOUNT OF PROPERTY TAX IMPOSED ON THE ELIGIBLE
ASSESSMENT ASSESSED VALUE OF THE QUALIFIED PROPERTY NEW OR EXPANDED
PREMISES, AS FOLLOWS:

(I)      80% 52% FOR THE 1ST AND 2ND TAXABLE YEARS;

(II)     60% 39% IN THE 3RD AND 4TH TAXABLE YEARS;

(III)   40% 26% IN THE 5TH AND 6TH TAXABLE YEARS; AND

(IV)    0% FOR EACH TAXABLE YEAR THEREAFTER.

(2) THE COUNTY OR MUNICIPAL CORPORATION SHALL NOTIFY THE
DEPARTMENT THAT A BUSINESS ENTITY HAS BEEN APPROVED FOR THE PROPERTY
TAX CREDIT AND THE ASSESSED VALUE OF THE NEW OR EXPANDED PREMISES.

(F) (1) ON RECEIPT OF NOTIFICATION UNDER SUBSECTION (E)(2) OF THIS
SECTION, THE DEPARTMENT SHALL COMPUTE AND CERTIFY TO THE COMPTROLLER

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