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PARRIS N. GLENDENING, Governor
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Ch. 501
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(ii) 1. EXCEPT AS PROVIDED IN ITEM 2 OF THIS SUBPARAGRAPH,
employ at least 25 individuals in new permanent full-time positions during a
24-month period, during which period the business entity must also obtain and
occupy the new or expanded premises; OR .
2. IN KENT COUNTY A COUNTY WITH A POPULATION UNDER
30,000, EMPLOY AT LEAST 10 INDIVIDUALS IN NEW PERMANENT FULL-TIME
POSITIONS DURING A 24-MONTH PERIOD, DURING WHICH PERIOD THE BUSINESS
ENTITY MUST ALSO OBTAIN AND OCCUPY THE NEW OR EXPANDED PREMISES.
(2) If a business entity meets the requirements of paragraph (1) of this
subsection and subsection (b) of this section and of applicable local law adopted under
subsection (b)(1) of this section, the county or municipal corporation shall compute
the amount of the property tax credit granted under this subsection for new or
expanded premises and the personal property located on those premises that may be
claimed against the county or municipal corporation property taxes that would
otherwise be due to equal a percentage of the amount of property tax imposed on the
assessment of the new or expanded premises, as follows:
(i) 52% for the 1st and 2nd taxable years;
(ii) 39% in the 3rd and 4th taxable years;
(iii) 26% in the 5th and 6th taxable years; and
(iv) 0% for each taxable year thereafter.
(3) On receipt of notification under subsection (b)(7) of this section that a
business entity has been certified for a 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 against the
individual or corporate income tax, insurance premiums tax, or financial institution
franchise tax that would otherwise be due to equal a percentage of the amount of
property tax imposed on the assessment of the new or expanded premises, as follows:
(i) 28% in the 1st and 2nd taxable years;
(ii) 21% in the 3rd and 4th taxable years;
(iii) 14% in the 5th and 6th taxable years; and
(iv) 0% for each taxable year thereafter.
SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall take effect
July 1, 2000.
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Approved May 18, 2000.
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- 2673 -
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