§ 9-103. Tax credit to enterprise zones
West's Annotated Code of MarylandTax-PropertyEffective: June 1, 2022
Effective: June 1, 2022
MD Code, Tax - Property, § 9-103
§ 9-103. Tax credit to enterprise 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)(1) 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.
(2) In Montgomery County the lessor of real property eligible for a credit under this section shall reduce the amount of taxes for which a tenant is contractually liable under the lease agreement by the amount of any credit allowed under this section that is attributable to improvements made by the tenant.
(c) Unless the county in which a municipal corporation is located agrees to the designation of an enterprise zone in the municipal corporation, qualified property in the municipal corporation may not receive a tax credit against county property tax.
(d)(1) Except as provided in paragraph (2) of 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:
(2) For newly constructed qualified property that provides both office and retail space and became eligible for the credit under this section on or after January 1, 2019, but before January 1, 2022, 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:
(i) for newly constructed qualified property that provides both office and retail space and became eligible for the credit under this section on or after January 1, 2019, but before January 1, 2022, for each of the 13 taxable years following the calendar year in which the property initially becomes a qualified property; or
(e)(1) A tax credit under this section is available to a qualified property for no more than 10 consecutive years or, in the case of newly constructed qualified property that provides both office and retail space and became eligible for the credit under this section on or after January 1, 2019, but before January 1, 2022, no more than 13 consecutive years, beginning with:
(3) Notwithstanding § 5-707(d) of the Economic Development Article but subject to § 5-707(b) and (c) of the Economic Development Article, a business entity operating in an enterprise zone when the designation of the enterprise zone expires may claim the credits allowed under this section for real property that:
(f) When an enterprise zone is designated by the Secretary of Commerce, the appropriate governing body shall certify to the Department of Assessments and Taxation:
(g) Before property tax bills are sent, the Department of Assessments and Taxation shall submit to the appropriate governing body a list of:
(h) As provided in the State budget, the State shall remit to each county or municipal corporation an amount equal to one-half of the funds that would have been collected if the property tax credit under this section had not been granted.
(i)(1)(i) For a county or municipal corporation to receive a reimbursement under subsection (h) of this section by August 31 in any calendar year, the county or municipal corporation shall submit an annual request to the Department of Assessments and Taxation for the amount required by subsection (h) of this section on or before June 30 of that year.
Credits
Added by Acts 1985, c. 8, § 2, eff. Feb. 1, 1986. Amended by Acts 1985, c. 618, § 2; Acts 1986, c. 5, § 4; Acts 1986, c. 171; Acts 1987, c. 11, § 2; Acts 1987, c. 311, §§ 1; Acts 1988, c. 6, §§ 1, 8; Acts 1989, c. 5, § 1; Acts 1995, c. 3, § 22, eff. March 7, 1995; Acts 1995, c. 120, § 19, eff. July 1, 1995; Acts 1998, c. 703, § 1, eff. June 1, 1998; Acts 1999, c. 467, § 1, eff. Oct. 1, 1999; Acts 2000, c. 61, § 1, eff. April 25, 2000; Acts 2000, c. 80, § 1, eff. Oct. 1, 2000; Acts 2006, c. 362, § 1, eff. July 1, 2006; Acts 2008, c. 307, § 1, eff. Oct. 1, 2008; Acts 2008, c. 338, § 2, eff. June 1, 2008; Acts 2010, c. 707, § 1, eff. June 1, 2010; Acts 2014, c. 530, § 2, eff. June 1, 2014; Acts 2014, c. 531, § 2, eff. June 1, 2014; Acts 2015, c. 22, § 5; Acts 2016, c. 156, § 1, eff. June 1, 2016; Acts 2022, c. 449, § 2, eff. June 1, 2022; Acts 2022, c. 450, § 2, eff. June 1, 2022.
Formerly Art. 81, § 12G-11.
MD Code, Tax - Property, § 9-103, MD TAX PROPERTY § 9-103
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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