[Adopted 2-25-2016 by Bill No. 1-16, effective 7-1-2016]
Authority. This article is authorized under the provisions of § 9-256 of the Tax Property Article of the Annotated Code of Maryland.
Jurisdiction. This article shall apply in the incorporated areas of Allegany County that have also adopted a rehabilitation of commercial structures tax credit.
Applicability. An owner of commercial real property located within the corporate boundaries of a municipality in Allegany County that has adopted a rehabilitation of commercial structures tax credit is eligible for a tax credit against the property tax imposed on improvements to real property based upon qualifying investments made to the property.
As used in this article, the following terms shall have the meanings indicated:
- Person, persons, partnership, limited liability corporation, or corporation owning real property in Allegany County, Maryland.
- TAX CREDIT
- A tax credit granted pursuant to this article.
- TAX YEAR
- July 1, 2016, through June 30, 2017, and each tax year thereafter.
Subject to rules and regulations promulgated under this article, a tax credit is available to any owner making a qualified investment of at least $25,000 in commercial property in a municipality in Allegany County that has adopted a rehabilitation of commercial structures tax credit.
The tax credit granted under this article shall be in the same amount as authorized by the municipality in which the property is located, which amount cannot exceed 50% of the qualifying investment.
The tax credit shall be for the same duration as granted by the municipality, which shall be for up to a ten-year period in an equal amount each year.
Application for the tax credit shall be made to the municipality in which the property is located, and the owner shall abide by all rules and regulations related to the tax credit established by the municipality.
Certificate of eligible properties. The municipality that has established a rehabilitation of commercial structures tax credit shall provide certification to the Finance Office of the County as to those properties meeting the eligibility requirements for the tax credit. The County shall grant a tax credit to those properties so certified and meeting the requirements of this article.
Termination of tax credit. In order to be otherwise eligible for the tax credit provided for under this article, the owner must remain current in any and all taxes assessed against the property for which the credit is sought. In the event any such property becomes in arrears, the owner shall cease to be eligible for the tax credit for any year in which taxes are delinquent.