(III) DURING THE 6-YEAR HIRING PERIOD, COMPLY WITH ALL
OTHER REQUIREMENTS FOR THE CREDITS DESCRIBED IN THIS SUBSECTION AND IN
ANY APPLICABLE LOCAL LAW.

(4) (I) IF A BUSINESS ENTITY MEETS THE REQUIREMENTS OF THIS
SUBSECTION AND SUBSECTION (B) OF THIS SECTION AND OF ANY APPLICABLE
LOCAL LAW ADOPTED UNDER SUBSECTION (B)(1) OF THIS SECTION, FOR EACH OF
THE FIRST 12 TAXABLE YEARS AFTER IT QUALIFIES FOR THE CREDIT, THE BUSINESS
ENTITY MAY CLAIM A PROPERTY TAX CREDIT MAY BE CLAIMED AGAINST THE
COUNTY OR MUNICIPAL CORPORATION PROPERTY TAXES THAT WOULD OTHERWISE
BE DUE.

(II) THE COUNTY OR MUNICIPAL CORPORATION SHALL COMPUTE
THE AMOUNT OF THE PROPERTY TAX CREDIT GRANTED TO EQUAL 58.5% OF THE
AMOUNT OF PROPERTY TAX IMPOSED ON THE INCREASE IN ASSESSMENT OF:

1. THE NEW OR EXPANDED PREMISES;

2. NEWLY RENOVATED REAL PROPERTY IMPROVEMENTS
ADJOINING OR OTHERWISE NEIGHBORING THE NEW OR EXPANDED PREMISES, IF
THE RENOVATIONS ARE SUBSTANTIAL, AS DEFINED IN LEGISLATION ENACTED BY
THE COUNTY OR MUNICIPAL CORPORATION TO GRANT THE CREDITS UNDER THIS
SUBSECTION; AND

3. THE PERSONAL PROPERTY LOCATED ON THE PREMISES
DESCRIBED IN ITEMS 1 AND 2 OF THIS SUBPARAGRAPH.

(III) THE INCREASE IN ASSESSMENT SHALL BE MEASURED FROM
THE NOTIFICATION DATE TO THE APPLICABLE ANNUAL ASSESSMENT DATE AFTER
THE COUNTY OR MUNICIPAL CORPORATION HAS CERTIFIED THAT THE BUSINESS
ENTITY HAS QUALIFIED FOR THE CREDIT.

(5) ON RECEIPT OF CERTIFICATION NOTIFICATION UNDER SUBSECTION
(B)(7) OF THIS SECTION THAT A BUSINESS ENTITY MEETS THE REQUIREMENTS HAS
BEEN CERTIFIED FOR AN ENHANCED PROPERTY TAX CREDIT UNDER THIS
SUBSECTION, THE DEPARTMENT SHALL COMPUTE AND CERTIFY TO THE
COMPTROLLER OR, IN THE CASE OF THE INSURANCE PREMIUMS TAX, THE
MARYLAND INSURANCE COMMISSIONER, THE AMOUNT OF THE STATE TAX CREDIT
AUTHORIZED UNDER THIS SUBSECTION THAT MAY BE CLAIMED BY THE BUSINESS
ENTITY OR ANY OF ITS AFFILIATES AGAINST THE INDIVIDUAL OR CORPORATE
INCOME TAX, INSURANCE PREMIUMS TAX, OR FINANCIAL INSTITUTION FRANCHISE
TAX, OR PUBLIC SERVICE COMPANY FRANCHISE TAX THAT WOULD OTHERWISE BE
DUE TO EQUAL 31.5% OF THE AMOUNT OF PROPERTY TAX IMPOSED ON THE
ASSESSMENT OF THE NEW OR EXPANDED INCREASE IN ASSESSMENT OF THE REAL
AND PERSONAL PROPERTY DESCRIBED IN PARAGRAPH (4)(II) OF THIS SUBSECTION
PREMISES FOR EACH OF THE FIRST 12 TAXABLE YEARS FOR WHICH THE CREDIT IS
ALLOWED.

(6) IF A BUSINESS ENTITY THAT OR ANY OF ITS AFFILIATES CLAIMS THE
ENHANCED TAX CREDITS UNDER THIS SUBSECTION FOR A CERTAIN PREMISES, THEY
MAY NOT CLAIM THE TAX CREDITS UNDER SUBSECTION (C) OF THIS SECTION.