§ 9-103.1. Tax credits for real properties in RISE zones
West's Annotated Code of MarylandTax-PropertyEffective: June 1, 2021
Effective: June 1, 2021
MD Code, Tax - Property, § 9-103.1
§ 9-103.1. Tax credits for real properties in RISE zones
(ii) For a business entity that is located on land or within improvements owned by the federal, State, county, or municipal government, “eligible assessment” means the difference between the base year value and the actual value reduced by the value of any property entitled to an exemption under Title 7 of this article as determined by the Department for the applicable taxable year in which the tax credit under this section is to be granted.
(b) The governing body of a county or of a municipal corporation shall grant a tax credit under this section against the property tax imposed on the eligible assessment of qualified property.
(c)(1) Except as otherwise provided in this subsection, the appropriate governing body shall calculate the amount of the tax credit under this section equal to a percentage of the amount of property tax imposed on the eligible assessment of the qualified property as follows:
(4)(i) For qualified property located in an enterprise zone designated under Title 5, Subtitle 7 of the Economic Development Article, the appropriate governing body shall calculate the amount of the tax credit under this section equal to 80% of the amount of property tax imposed on the eligible assessment of the qualified property for each of the 5 taxable years following the calendar year in which the property initially becomes a qualified property.
(ii) For qualified property located in a focus area designated under § 5-706 of the Economic Development Article, the appropriate governing body shall calculate the amount of the tax credit under this section equal to 100% of the amount of property tax imposed on the eligible assessment of the qualified property for each of the 5 taxable years following the calendar year in which the property initially becomes a qualified property.
(iii) 1. If a business entity is certified as consistent with the target strategy of the RISE zone and the qualified property is located in an enterprise zone or focus area, the amount of the required reimbursement under § 9-103(h) of this subtitle may only be for the amount required for the required property tax credits under § 9-103 of this subtitle.
(6)(i) If a RISE zone is renewed as provided under § 5-1404 of the Economic Development Article, the governing body of a county or municipal corporation shall calculate the amount of the tax credit under this section equal to at least 10% of the amount of property tax imposed on the eligible assessment of the qualified property for the sixth through tenth taxable years.
(d)(1) Except as provided in subsection (c)(6) of this section, a tax credit under this section is available to a qualified property for no more than 5 consecutive years beginning with the taxable year following the calendar year in which the real property initially becomes a qualified property.
(e) When a Regional Institution Strategic Enterprise zone is designated by the Secretary of Commerce, the Secretary shall certify to the State Department of Assessments and Taxation:
(f) Before property tax bills are sent, the State Department of Assessments and Taxation shall submit to the Secretary of Commerce a list containing:
Credits
Added by Acts 2014, c. 530, § 1, eff. June 1, 2014; Acts 2014, c. 531, § 1, eff. June 1, 2014. Amended by Acts 2015, c. 22, § 5; Acts 2021, c. 206, § 3, eff. June 1, 2021; Acts 2021, c. 207, § 3, eff. June 1, 2021.
MD Code, Tax - Property, § 9-103.1, MD TAX PROPERTY § 9-103.1
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.
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