§ 5-707

Maryland § 5-707

• Jurisdiction: Maryland
• Article gec: Economic Development
• Title: 5

Text

(a) To the extent provided for in this section, a business entity is entitled to:

(1) the special property tax credit in § 9–103 of the Tax – Property Article;

(2) the income tax credits in § 10–702 of the Tax – General Article; and

(3) consideration for financial assistance from programs in Subtitle 1 of this title.

(b) A business entity that moves into or locates in an enterprise zone on or after the date that the enterprise zone is designated under § 5–704 of this subtitle may benefit from the incentives and initiatives in this section if:

(1) the business entity meets the requirements and conditions of the Code section applicable to each incentive or initiative;

(2) the respective political subdivision certifies that the business entity has complied with the standards that the subdivision submitted under § 5–703(b)(5) of this subtitle;

(3) the business entity creates new or additional jobs or makes a capital investment to qualify for the property tax credit under § 9–103 of the Tax – Property Article and the income tax credits under § 10–702 of the Tax – General Article; and

(4) in considering whether the business entity qualifies for financial assistance from the programs in Subtitle 1 of this title, the Secretary determines that the business entity will create new or additional jobs.

(c) The incentives and initiatives provided for in this section are not available to a business entity that:

(1) was in an enterprise zone before the date that the enterprise zone is designated, except for a capital investment or expansion of its labor force that occurs on or after the enterprise zone is designated; or

(2) is located in an enterprise zone that was designated under federal law unless the Secretary and the Board of Public Works consent to the designation.

(d) (1) Except as provided in § 10–702 of the Tax – General Article and § 9–103 of the Tax – Property Article, the incentives and initiatives set forth in this section are available for 10 years after the date that an area is designated an enterprise zone.

(2) A law enacted after the enactment of this section that eliminates or reduces the benefits available to a business entity under this section does not apply to a business entity that was in an enterprise zone before the effective date of the law.

(e) (1) (i) Notwithstanding subsection (d) of this section, except for a business entity certified to receive a property tax credit under § 9–103 of the Tax – Property Article for a tax year beginning before July 1, 2008, a business entity located in an enterprise zone may not receive the incentives and initiatives set forth in subsection (a)(1) and (2) of this section if the entity is located on land or within improvements owned by the federal government, the State, a county, or a municipal corporation unless the business entity has first utilized all applicable property tax exemptions under Title 7 of the Tax – Property Article, including entering into any available payment in lieu of tax agreement.

(ii) Subparagraph (i) of this paragraph does not apply to a business entity leasing land or improvements owned by the Maryland Economic Development Corporation.

(2) Notwithstanding subsection (d) of this section, a business entity located in a BRAC Revitalization and Incentive Zone established under Subtitle 13 of this title may not receive the property tax credit under § 9–103 of the Tax – Property Article unless:

(i) the business entity qualified for the property tax credit before the date that the BRAC Revitalization and Incentive Zone is designated; or

(ii) the political subdivision where the business entity is located expressly grants the property tax credit to the business entity.