To qualify for a property tax credit under this section, a business
entity shall obtain new, improved, or expanded premises in a commerce
zone by:
A. Purchasing newly constructed premises;
B. Constructing new premises;
C. Causing new premises to be constructed; or
D. Improving existing premises for occupation by the business entity.
[Amended 3-5-2024 by Bill No. 1-2024]
If a business entity meets the definitions and requirements
under §§ 153-33 and 153-34 of this article, the property
tax credit granted under this section shall equal a percentage of
the amount of County property tax imposed on the assessment of the
new, improved, or expanded premises, as follows:
A. Fifty percent for each of the first five taxable years;
B. Twenty-five percent in taxable years six and seven;
C. Fifteen percent in taxable years eight through 10;
D. Zero percent for each taxable year thereafter; and
E. A tax
credit granted under this article on real property owned by a business
entity is nontransferable and shall end on the date the property is
transferred to any subsequent property owner. In the taxable year
in which the transfer occurs, the business entity shall be given a
credit prorated based on the number of months the business entity
owned the property.