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Martin O'Malley, Governor Ch. 379
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amount providing that the governing body may define, fix, or limit the amount,
terms, scope, and duration of a certain property tax credit; providing for the
application of this Act; and generally relating to county property tax credits for
certain businesses in Queen Anne's County.
BY adding to
Article - Tax - Property
Section 9-319(d)
Annotated Code of Maryland
(2001 Replacement Volume and 2006 Supplement)
SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That the Laws of Maryland read as follows:
Article - Tax - Property
9-319.
(D) (1) THE GOVERNING BODY OF QUEEN ANNE'S COUNTY MAY
GRANT, BY LAW, A PROPERTY TAX CREDIT UNDER THIS SECTION AGAINST THE
COUNTY PROPERTY TAX IMPOSED ON REAL PROPERTY OWNED BY A BUSINESS
THAT:
(I) MAKES SIGNIFICANT REAL PROPERTY IMPROVEMENTS
IN THE COUNTY, INCLUDING CONSTRUCTION, RECONSTRUCTION,
REHABILITATION, OR EXPANSION OF A NONRESIDENTIAL STRUCTURE; AND
(II) EMPLOYS AT LEAST 25 NEW ADDITIONAL FULL-TIME
EMPLOYEES.
(2) IN EACH YEAR FOLLOWING THE YEAR IN WHICH THE
NONRESIDENTIAL REAL PROPERTY IMPROVEMENTS ARE COMPLETED AND
ASSESSED, A TAX CREDIT GRANTED UNDER THIS SUBSECTION MAY NOT EXCEED:
(I) 80% OF THE AMOUNT OF THE COUNTY PROPERTY TAX
IMPOSED ON THE INCREASED ASSESSMENT IN THE FIRST TAXABLE YEAR;
(II) 60% OF THE AMOUNT OF THE COUNTY PROPERTY TAX
IMPOSED ON THE INCREASED ASSESSMENT IN THE SECOND TAXABLE YEAR;
(III) 40% OF THE AMOUNT OF THE COUNTY PROPERTY TAX
IMPOSED ON THE INCREASED ASSESSMENT IN THE THIRD TAXABLE YEAR;
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