Ch. 624

1997 LAWS OF MARYLAND

4. CREATED WHEN AN EMPLOYMENT FUNCTION IS
CONTRACTUALLY SHIFTED FROM AN EXISTING BUSINESS ENTITY LOCATED IN THE
STATE TO ANOTHER BUSINESS ENTITY IF THE POSITION DOES NOT REPRESENT A NET
NEW JOB IN THE STATE- OR

5. FILLED FOR A PERIOD OF LESS THAN 12 MONTHS.

(4) "NEW OR EXPANDED PREMISES" MEANS REAL PROPERTY, INCLUDING A
BUILDING OR PART OF A BUILDING THAT HAS NOT BEEN PREVIOUSLY OCCUPIED,
WHERE A BUSINESS ENTITY LOCATES TO CONDUCT ITS BUSINESS.

(5) "ASSESSED VALUE" IS THE VALUE OF REAL PROPERTY AS DETERMINED
BY THE DEPARTMENT TO WHICH A COUNTY OR MUNICIPAL CORPORATION PROPERTY
TAX RATE MAY BE APPLIED.

(B)     (1) THE MAYOR AND CITY COUNCIL OF BALTIMORE CITY OR THE
GOVERNING BODY OF A COUNTY OR OF A MUNICIPAL CORPORATION MAY GRANT,
BY LAW, A PROPERTY TAX CREDIT AGAINST THE COUNTY OR MUNICIPAL
CORPORATION PROPERTY TAX IMPOSED ON REAL PROPERTY OWNED OR LEASED
BY A BUSINESS ENTITY THAT MEETS THE REQUIREMENTS SPECIFIED UNDER
SUBSECTION (C) OF THIS SECTION AND ON PERSONAL PROPERTY OWNED BY THAT
BUSINESS ENTITY THAT MEETS THE REQUIREMENTS SPECIFIED UNDER SUBSECTION
(D) OF THIS SECTION.

(2) IF A PROPERTY TAX CREDIT IS GRANTED UNDER PARAGRAPH (J) OF
THIS SUBSECTION A BUSINESS ENTITY MAY CLAIM A STATE TAX CREDIT AGAINST THE
INDIVIDUAL OR CORPORATE INCOME TAX, INSURANCE PREMIUMS TAX, FINANCIAL
INSTITUTION FRANCHISE TAX, OR PUBLIC SERVICE COMPANY FRANCHISE TAX AS
PROVIDED UNDER SUBSECTION (F) OF THIS SECTION.

(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 TILE
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.

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