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§ 9-316. Kent County

West's Annotated Code of MarylandTax-PropertyEffective: June 1, 2017

West's Annotated Code of Maryland
Tax-Property
Title 9. Property Tax Credits and Property Tax Relief
Subtitle 3. Counties to Which General Provisions Are Applicable
Effective: June 1, 2017
MD Code, Tax - Property, § 9-316
§ 9-316. Kent County
Currentness
Definitions
(a)(1) In this section the following words have the meanings indicated.
(2) “Commerce zone” means a priority funding area in Kent County designated by the governing body of Kent County as a commerce zone.
(3) “New, improved, or expanded premises” means commercial or industrial real property, including a building or part of a building that has not been previously occupied, where a business entity locates to conduct business.
In general
(b) The governing body of Kent 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 entity that meets the requirements specified under this section.
Business entity qualifications
(c) 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:
(1) purchasing newly constructed premises;
(2) constructing new premises;
(3) causing new premises to be constructed; or
(4) improving existing premises for occupation by the business entity.
Amount of tax credit
(d) If a business entity meets the requirements under subsection (c) of this section, 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:
(1) 50% for each of the first 5 taxable years;
(2) 25% in taxable years 6 and 7;
(3) 15% in taxable years 8 through 10; and
(4) 0% for each taxable year thereafter.
Eligibility, additional limitations
(e) The governing body of Kent County may provide, by law, for:
(1) the specific eligibility requirements for the tax credit authorized under this section;
(2) any additional limitations on eligibility for the credit; and
(3) any other provision necessary to implement the credit.

Credits

Added by Acts 2017, c. 125, § 1, eff. June 1, 2017; Acts 2017, c. 126, § 1, eff. June 1, 2017.
MD Code, Tax - Property, § 9-316, MD TAX PROPERTY § 9-316
Current through legislation effective through May 9, 2024, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
End of Document