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H.B. 144
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VETOES
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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 SUBSECTION, (B)(1)
OF THIS SECTION. A BUSINESS ENTITY SHALL:
(I) CONSTRUCT OR EXPAND BY AT LEAST 5,000 SQUARE FEET THE
PREMISES ON WHICH IT CONDUCTS ITS BUSINESS, THROUGH PURCHASING OR
CONSTRUCTING NEW PREMISES OR BY LEASING NEW PREMISES; AND
(II) EMPLOY AT LEAST 10 INDIVIDUALS IN NEW PERMANENT
FULL-TIME POSITIONS IN THE NEW OR EXPANDED PREMISES.
(2) To qualify for a property tax credit under this subsection STATE TAX
CREDITS UNDER SUBSECTION (B)(2) OF THIS SECTION 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
(ii) 1. EXCEPT AS PROVIDED IN ITEM 2 OF THIS SUBPARAGRAPH,
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 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;-OR.
2. IN KENT COUNTY, 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.
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- 4298 -
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