|
Ch. 623 1997 LAWS OF MARYLAND
(1) THE SPECIFIC REQUIREMENTS FOR ELIGIBILITY FOR A TAX CREDIT
AUTHORIZED UNDER THIS SECTION;
(2) ANY ADDITIONAL LIMITATIONS ON ELIGIBILITY FOR THE CREDIT;
(3) REPAYMENT OF THE PROPERTY TAX CREDIT IF THE BUSINESS
ENTITY MOVES ITS BUSINESS OUTSIDE THE JURISDICTION OR OTHERWISE BECOMES
INELIGIBLE FOR THE TAX CREDIT; AND
(3) A PROVISION REQUIRING RECAPTURE OF THE PROPERTY AND
STATE TAX CREDITS EARNED, IF, DURING THE 3 TAXABLE YEARS SUCCEEDING ANY
YEAR IN WHICH A CREDIT WAS EARNED, THE BUSINESS ENTITY FAILS TO SATISFY
THE APPLICABLE THRESHOLDS TO QUALIFY FOR A PROPERTY TAX CREDIT
REQUIRED UNDER SUBSECTION (C) OF THIS SECTION;
(4) THE INFORMATION TO BE SUPPLIED BY THE BUSINESS ENTITY TO A
COUNTY OR MUNICIPAL CORPORATION AND THE COMPTROLLER TO VERIFY THAT
THE BUSINESS ENTITY IS NOT SUBJECT TO ITEM (31 OF THIS SUBSECTION; AND
(4) (5) ANY OTHER PROVISION APPROPRIATE TO IMPLEMENT THE
CREDIT.
(G) AS PROVIDED IN THE STATE BUDGET, THE STATE SHALL REMIT TO EACH
COUNTY OR MUNICIPAL CORPORATION AN AMOUNT EQUAL TO ONE HALF OF THE
FUNDS THAT WOULD HAVE BEEN COLLECTED IF THE PROPERTY TAX CREDIT
UNDER TIES SECTION HAD NOT BEEN GRANTED.
(II) (1) QUARTERLY OR MORE FREQUENTLY, THE COUNTY OR MUNICIPAL
CORPORATION SHALL SUBMIT A REQUEST TO THE DEPARTMENT OF ASSESSMENTS
AND TAXATION FOR TIKI AMOUNT REQUIRED BY SUBSECTION (G) OF THIS SECTION.
(2) WITHIN 5 WORKING DAYS AFTER THE DEPARTMENT OF
ASSESSMENTS AND TAXATION RECEIVES THE REQUEST FROM THE COUNTY OR
MUNICIPAL CORPORATION, THE DEPARTMENT SHALL CERTIFY TO THE
COMPTROLLER THE REIMBURSEMENT DUE TO EACH COUNTY OR MUNICIPAL
CORPORATION.
(3) WITHIN 5 WORKING DAYS AFTER THE COMPTROLLER RECEIVES
THE CERTIFICATION FROM THE DEPARTMENT, THE COMPTROLLER SHALL
REIMBURSE EACH COUNTY OR MUNICIPAL CORPORATION.
Article - Insurance
6-115.
AN INSURER MAY CLAIM A STATE TAX CREDIT AGAINST THE PREMIUM TAX
PAYABLE UNDER THIS SUBTITLE FOR NEW OR EXPANDED BUSINESS PREMISES AS
PROVIDED UNDER § 9-229(F)(1) OF THE TAX - PROPERTY ARTICLE
- 3486 -
|
