In this article, the following words have the
meaning indicated:
BUSINESS ENTITY
A person conducting a trade or business in the County, that
is subject to the County individual or corporate income tax, insurance
premiums tax, financial institution franchise tax, or public service
company franchise tax.
ASSESSED VALUE
The value of real property as determined by the Department
of Assessments and Taxation to which a County property tax rate may
be applied.
NEW OR EXPANDED PREMISES
Real property, including a building or part of a building
that has not been previously occupied, where a business entity locates
to conduct its business.
NEW PERMANENT FULL-TIME POSITION
A.
A position that is:
(1)
A full-time position of indefinite duration;
(3)
Newly created, as a result of the establishment
or expansion of a business facility in the County; and
B.
"New permanent full-time position" does not
include a position that is:
(1)
Created when an employment function is shifted
from an existing business facility of the business entity located
in Maryland to another business facility of the same business entity
if the position does not represent a net new job in the County;
(2)
Created through a change in ownership of a trade
or business;
(3)
Created through a consolidation, merger, or
restructuring of a business entity if the position does not represent
a new job in the County;
(4)
Created when an employment function is contractually
shifted from an existing business entity located in the County to
another business entity if the position does not represent a net new
job in the County; or
(5)
Filled for a period of less than 12 months.
A property tax credit may be granted against the County property tax imposed on real property owned or leased by a business entity that meets the requirements specified under §
152-23 of this article and on personal property owned by that business entity that meets the requirements specified under §
152-25 of this article.
To qualify for a property tax credit under this article against property tax imposed on personal property a business entity shall certify that the personal property is located on the new or expanded premises that qualify for a tax credit under §
152-23 of this article.
If the County tax credit allowed under §
152-25 in any taxable year exceeds the total tax otherwise payable by the business entity for the taxable year, a business entity may apply the excess as a credit for succeeding taxable years until the earlier of:
A. The full amount of excess is used; or
B. The expiration of the fifth taxable year after the
taxable year in which the County tax credit is claimed.
The lessor of real property eligible for tax credits under §
152-22 shall reduce by the amount of the tax credits computed under s§
152-25 the amount of taxes for which the eligible business entity is contractually liable under the lease agreement.
The business entity shall refund to the County and state tax credits earned, if, during the three taxable years succeeding any year in which a credit was earned, the business entity fails to satisfy the applicable thresholds to qualify for a property tax credit required under §
152-25 of this article.
The business entity shall submit the following information to verify that the business entity is not subject to §§
152-27 and
152-28 of this article:
A. Certification as to the size of the premises occupied.
B. Annual employment records certifying the number of
full-time employees and the date that each was employed.