MD. Tax - Property Code Ann. §  9-111 (2021)
2021 Maryland Statutes|Tax - Property|Title 9 - Property Tax Credits and Property Tax Relief|Subtitle 1 - Statewide Mandatory|Section 9-111 - Property Tax Credit for Qualified Business Entity

    ** CONTINGENCY – IN EFFECT – CHAPTER 350 OF 2018 **    (a)    (1)    In this section the following words have the meanings indicated.        (2)    “Eligible assessment” means the difference between the base year value of a qualified property and the actual value of a qualified property as determined by the Department for the applicable taxable year in which the tax credit under this section is to be granted.        (3)    “Eligible project” has the meaning stated in § 6–901 of the Economic Development Article.        (4)    “Qualified business entity” has the meaning stated in § 6–901 of the Economic Development Article.        (5)    “Qualified property” means real property where an eligible project is located.    (b)    (1)    The governing body of a county or of a municipal corporation shall grant a property tax credit under this section against the county or municipal corporation property tax that is imposed on the eligible assessment of a qualified property owned by a qualified business entity enrolled in the Promoting ext–Raordinary Innovation in Maryland’s Economy Program established under Title 6, Subtitle 9 of the Economic Development Article.        (2)    In addition to the property tax credit provided under paragraph (1) of this subsection, there is a credit against the State property tax that is imposed on the eligible assessment of a qualified property owned by a qualified business entity enrolled in the Promoting ext–Raordinary Innovation in Maryland’s Economy Program established under Title 6, Subtitle 9 of the Economic Development Article.        (3)    The property tax credits required under paragraphs (1) and (2) of this subsection are equal to 50% of the State, county, or municipal corporation property tax that is imposed on the eligible assessment of a qualified property.        (4)    A tax credit under this section may be claimed for a qualified property for 10 consecutive years if the property remains a qualified property owned by a qualified business entity.    (c)    By June 15 each year, the Department shall submit to the Department of Commerce a list that includes:        (1)    the location of each qualified property;        (2)    the amount of the base year value for each qualified property; and        (3)    the amount of the property tax assessed against each qualified property.    (d)    As provided in the State budget, the State shall reimburse each county or municipal corporation an amount equal to one–half of the county or municipal corporation property tax revenue that would have been collected if the property tax credit under this section had not been granted.    (e)    (1)    For a county or municipal corporation to receive a reimbursement under subsection (d) of this section, the county or municipal corporation shall submit an annual request to the Department for the amount required by subsection (d) of this section.        (2)    Within 5 working days after the Department receives the request from a county or municipal corporation, the Department shall certify to the Comptroller the reimbursement due to the county or municipal corporation.        (3)    Within 5 working days after the Comptroller receives the certification from the Department, the Comptroller shall remit the reimbursement to the county or municipal corporation.