Calvert County, MD Article VIII Property Tax Credit for Economic Development

[Adopted 11-5-2013 by Ord. No. 45-13[1]]

[1] Editor's Note: This ordinance also provided for the repeal of former Art. VIII, Property Tax Credit for Economic Development, adopted 8-8-2006 by Ord. No. 32-06.

§ 136-37 Establishment of tax credit.

A. Except as otherwise provided herein, a new or expanding business in Calvert County meeting the criteria set forth in this Article VIII may receive a property tax credit against the County property tax imposed on real property owned by the new or expanding business.

B. If the expanding or new business is engaged in the generation of electricity or liquefaction of natural gas, the credit under this section may be granted against the County property tax imposed on personal property, operating personal property, real property, or operating real property owned by the expanding or new business.

§ 136-38 Eligible businesses.

The tax credit provided for in this Article VIII may, upon the approval of the County Commissioners, be granted to:

A. A new or expanding business that owns the land, building and personal property; or

B. Any party responsible for paying the real property taxes on all or part of the land or building.

§ 136-39 Requirements.

In order to be eligible to apply to the Board of County Commissioners to receive the credit pursuant to this Article VIII, the new or expanding business shall:

A. Employ at least 25 new, additional, full-time employees in industries identified by the Board of County Commissioners as target market sector industries for economic development;

B. Provide individual compensation for the new full-time positions that shall be greater than the annual average salary in Calvert County for similar or equivalent positions in the industry; and

C. Expend at least $2,500,000 for:

(1) Land in Calvert County;

(2) Improvements to land in Calvert County; or

(3) Equipment to be located in Calvert County.

§ 136-40 Amount of credit.

The amount of the credit shall be an amount determined by the Board of County Commissioners to be in the best interest of the public upon consideration of the benefit to the public in granting a credit and, in no event, shall not exceed 50% of the amount of County property tax due in any taxable year and imposed on personal property, operating personal property, real property, or operating real property owned by the expanding or new business.

§ 136-41 Agreement.

The Board of County Commissioners may enter into a written agreement with the new or expanding business pursuant to the terms of this Article VIII that defines, fixes or limits the amount, term, scope and duration of any credit provided under this article. The agreement shall be binding on and inure to the benefit of successive Boards of County Commissioners.