Pursuant to the authority set forth in § 12-115, Maryland
tax property code annotated, to encourage the further development
of the business base in Charles County, the governing body of Charles
County may grant, by law, a recordation tax credit, in whole or in
part, against the recordation tax imposed on an instrument of writing
which transfers property in Charles County to targeted businesses
relocating, expanding or undertaking new construction.
Be engaged as its primary business in research and development, technology,
manufacturing, distribution, professional services, defense/federal
contracting, bio-technology, information technology, or upscale retail
activities, or any other industry sector targeted by the Economic
Development Department and approved by the County Commissioners by
resolution from time to time;
Be recommended for same by the Director of Economic Development pursuant
to terms satisfactory to the Director and the County Commissioners
specifying the investment and projected jobs to be undertaken, created
or retained by the business entity, and timeline for accomplishing
such;
Maintain at least 10 or more new permanent full-time positions throughout the duration set forth in Subsection B(2) above, or make a capital investment sufficient to yield a substantial increase in annual commercial tax revenue; and
The amount of the tax credit shall be determined considering the
needs of the business entity, other incentives offered to the business
entity by the County and State of Maryland, and potential competition
and incentives being considered from other jurisdictions.
The recordation tax credit granted under this section shall not apply
to any entity or project receiving a fifty-percent state electricity
generation assessment of operating property exemption, or that is
the subject of a payment in lieu of taxes agreement with the County.
The recordation tax credit shall be administered by the Director
of Fiscal and Administrative Services, who may adopt rules and regulations
necessary to provide for the orderly and systematic implementation
of the recordation tax credit.