1. created when an employment function is shifted from an
existing business facility of the business entity OR ITS AFFILIATES located in
Maryland to another business facility of the same business entity OR ITS AFFILIATES,
if the position does not represent a net new job in the State;

2. created through a change in ownership of a trade or

business;

3. created through a consolidation, merger, or restructuring
of a business entity OR ITS AFFILIATES, if the position does not represent a net new
job in the State;

4. created when an employment function is contractually
shifted from an existing business entity OR ITS AFFILIATES, located in the State to
another business entity OR ITS AFFILIATES, 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)] (6) "New or expanded premises" means real property, including a
building or part of a building that has hot been previously occupied, where a business
entity [locates] OR ITS AFFILIATES LOCATE 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.]

(7) "NOTIFICATION DATE" MEANS THE DATE ON WHICH THE BUSINESS
ENTITY PROVIDES WRITTEN NOTICE TO THE COUNTY OR MUNICIPAL CORPORATION
AS REQUIRED UNDER SUBSECTION (B)(6) OF THIS SECTION.

(b) (1) The Mayor and City Council of Baltimore City or the governing body
of a county or of a municipal corporation may ENACT LEGISLATION NECESSARY TO
grant[, by law,] EITHER [a] property tax [credit] CREDITS, ENHANCED PROPERTY
TAX CREDITS, OR BOTH TYPES OF PROPERTY TAX CREDITS against the county or
municipal corporation property tax imposed on real property owned or leased by [a]
business [entity] ENTITIES that [meets] MEET the requirements specified FOR THE
APPLICABLE TAX CREDIT under [subsection (c)(1) and (2) of] this section and on
personal property owned by [that] business [entity] ENTITIES that [meets] MEET
the requirements specified under [subsection (d) of] this section.

(2) (I) If a property tax credit is granted under paragraph (1) of this
subsection, a business entity that meets the requirements FOR THE PROPERTY TAX
CREDIT UNDER [specified under subsection (c)(3) of] this section AND OBTAINS
CERTIFICATION FROM THE COUNTY OR MUNICIPAL CORPORATION may claim a State
tax credit against the individual or corporate income tax, insurance premiums tax, OR
financial institution franchise tax, or public service company franchise tax as
provided under [subsection (f)] SUBSECTION (C)(3) of this section.

(II) IF AN ENHANCED PROPERTY TAX CREDIT IS GRANTED UNDER
THIS SECTION AND A BUSINESS ENTITY AND ITS AFFILIATES MEET THE
REQUIREMENTS FOR THE ENHANCED PROPERTY TAX CREDIT AND OBTAIN