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Session Laws, 1999
Volume 796, Page 3077   View pdf image
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(III) AGRICULTURE, FORESTRY, OR FISHING;

(IV) RESEARCH, DEVELOPMENT, OR TESTING;

(V) BIOTECHNOLOGY;

(VI) COMPUTER PROGRAMMING, DATA PROCESSING, OR OTHER
COMPUTER-RELATED SERVICES;

(VII) CENTRAL FINANCIAL, REAL ESTATE, OR INSURANCE SERVICES
AS DEFINED IN ARTICLE 83A, § 5-1101 OF THE CODE;

(VIII) THE OPERATION OF CENTRAL ADMINISTRATIVE OFFICES OR A
COMPANY HEADQUARTERS AS DEFINED IN ARTICLE 83A, § 5-1101 OF THE CODE;

(IX) A PUBLIC UTILITY;

(X) WAREHOUSING; OR

(XI) BUSINESS SERVICES.

(3) TO QUALIFY FOR THE ENHANCED PROPERTY TAX CREDIT UNDER
THIS SUBSECTION, A BUSINESS ENTITY SHALL:

(I) WITHIN A 6-YEAR PERIOD BEGINNING ON THE NOTIFICATION
DATE, EMPLOY INDIVIDUALS IN THE NUMBER OF NEW PERMANENT FULL-TIME
POSITIONS REQUIRED UNDER PARAGRAPH (1) OF THIS SUBSECTION;

(II) DURING THE 6-YEAR HIRING PERIOD, OBTAIN AND OCCUPY
THE NEW OR EXPANDED PREMISES AND, IF APPLICABLE, THE NEWLY RENOVATED
PREMISES ADJOINING OR OTHERWISE NEIGHBORING THE NEW OR EXPANDED
PREMISES; AND

(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 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, 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

 

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Session Laws, 1999
Volume 796, Page 3077   View pdf image
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