[Added 3-8-1994 by Bill No. 94-5; amended 6-18-1996 by Bill No. 96-8]
As may be authorized by Public General Law there is hereby granted
an exemption from the County property tax imposed on all machinery,
equipment, materials and supplies consumed in or used primarily in
research and development activities as defined under the Maryland
Annotated Code, Tax-Property Article § 7-237, as from time
to time amended.
[Added 6-7-2005 by Bill No. 05-5]
(a) Program participation. Pursuant to the authorization
contained in § 9-229, Tax-Property Article, Annotated Code
of Maryland, as from time to time amended, the County Commissioners
hereby elect to participate in the Brownfields Revitalization Incentive
Program established under § 5-1408 of Article 83A, Annotated
Code of Maryland, as from time to time amended, and to provide a Brownfields
property tax credit for the taxable year beginning July 1, 2005.
(b) Brownfields tax credit. There is a Worcester
County Brownfields property tax credit against the tax on real property
of a qualified Brownfields site as defined in § 5-1401,
Article 83A, Annotated Code of Maryland, as from time to time amended,
in an amount equal to fifty percent of the property tax attributable
to the increase in the assessment of the qualified Brownfields site,
including improvements added to the site during the credit period,
over the assessment of the qualified Brownfields site before the voluntary
cleanup or corrective action plan.
(c) Five-year period. The Worcester County Brownfields
property tax credit shall apply in each of the five taxable years
immediately following the first revaluation of the property after
completion of a voluntary cleanup or corrective action plan of a qualified
Brownfields site.
(d) State law. The Worcester County Brownfields
property tax credit is subject to the requirements and limitations
set forth in § 9-229 of the Tax-Property Article, Annotated
Code of Maryland, as from time to time amended.
(e) Maryland Economic Development Assistance Fund. Pursuant to the requirement contained in § 9-229(c)(2),
Tax-Property Article, Annotated Code of Maryland, as from time to
time amended, for each year of the credit period, the County Commissioners
shall contribute to the Maryland Economic Development Assistance Fund
established under § 5-1404, Article 83A, Annotated Code
of Maryland, as from time to time amended, an amount equal to thirty
percent of the property tax attributable to the increase in the assessment
of the qualified Brownfields site during the credit period, over the
assessment of the qualified Brownfields site before the voluntary
cleanup or corrective action plan.