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.
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; and
D. Zero percent for each taxable year thereafter.