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Ch. 501
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2000 LAWS OF MARYLAND
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property tax credit and obtain certification from the county or municipal corporation,
the business entity or any of its affiliates may claim a State tax credit against the
individual or corporate income tax, insurance premiums tax, or financial institution
franchise tax as provided under subsection (d)(4) of this section.
(3) A tax credit may not be granted under this section if:
(i) the business entity or any of its affiliates have moved their
operations from one county in the State to the new or expanded premises in another;
or
(ii) the new or expanded premises has otherwise been granted a tax
credit or exemption under this article for the taxable year.
(4) To qualify for a tax credit under this section, the new or expanded
premises must be located in a priority funding area as designated in Title 5, Subtitle
7B of the State Finance and Procurement Article.
(5) To qualify for a property tax credit under this section against
property tax imposed on personal property a business entity shall certify that the
personal property is located on the premises that qualify for a property tax credit or
enhanced property tax credit under this section.
(6) To qualify for a tax credit under this section, before it obtains the new
or expanded premises or hires employees to fill the new permanent full-time
positions at the new or expanded premises, a business entity shall provide written
notification to the county or municipal corporation in which the new or expanded
premises are located:
(i) that it intends to claim the property tax credit or enhanced
property tax credit;
(ii) if it intends to claim the enhanced property tax credit, how it
expects to meet the requirements to qualify for the enhanced property tax credit; and
(iii) when it expects to obtain the new or expanded premises and
hire the required number of employees in the new permanent full-time positions.
(7) If a business entity meets the requirements for a tax credit under this
section, the county or municipal corporation shall certify to the Department and the
Department of Business and Economic Development that the business entity has met
the requirements for the tax credit for the taxable year that follows the date on which
it met the requirements.
(c) (1) To qualify for a property tax credit under this subsection, a business
entity shall:
(i) obtain at least 5,000 square feet of new or expanded premises
by purchasing newly constructed premises, constructing new premises, causing new
premises to be constructed, or leasing newly constructed premises; and
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- 2672 -
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