[Adopted 5-17-2021 by Ord. No. 2021-03]
A.
Under the
authority of Annotated Code of Maryland, Tax-Property Article, § 9-240,
as amended, there is a tax credit against Town real property taxes
imposed on a manufacturing, commercial, or industrial building that:
B.
The property
tax credit granted applies only to the property's increased assessment
attributable to the construction or renovation of real property dedicated
for use by a qualifying residing artist or an arts and entertainment
enterprise, and furthermore:
(1)
The
Town of North Brentwood fully approves and supports the designation
of the district; and
(2)
The
Town of North Brentwood understands that the income tax subtraction
modification under § 10-207(v) of the Tax-General Article
for qualifying residing artists in the district might affect its income
tax receipts.
C.
Should
the Secretary of Business and Economic Development approve the district
designation, the Town of North Brentwood shall provide the following
incentives to eligible persons in the district:
(1)
During
the entire designation period approved by the Secretary, exemption
from the admission and amusement tax gross receipts from any admissions
or amusement charge levied by an arts and entertainment enterprise
or qualifying residing artist in the district;
(2)
During
the entire designation period approved by the Secretary, a real property
tax credit as further described in § 9-240 of the Tax-Property
Article against the Town of North Brentwood property tax imposed on
the eligible assessment of an eligible building shall be a real property
tax credit amounting to the following percentage of the amount of
property tax imposed on the eligible assessment of the property entitled
to the credit in the graduated amounts as stated herein;
(3)
The
amount of the property tax credit granted under this section is 100%
in tax year one, 80% in tax year two, 60% in tax year three, 40% in
tax year four and 20% in tax year five;
(4)
Except
as otherwise provided herein, the duration of this tax credit program
shall not exceed 10 years total and shall lapse in the year 2032,
or sooner if repealed or abolished by Council; and
(5)
The
Council is authorized to renew, reapprove, or amend the tax credit
provided herein by written resolution for succeeding designation periods
or portions thereof as approved by the Secretary of Business and Economic
Development when redesigning the district.
