§ 9-110

# (a)

# (1)

In this section the following words have the meanings indicated.

# (2)

“Business entity” has the meaning stated in § 6–801 of the Economic Development Article.

# (3)

“Eligible project” has the meaning stated in § 6–801 of the Economic Development Article.

# (4)

“New business entity” has the meaning stated in § 6–801 of the Economic Development Article.

# (5)

“Qualified business entity” means a new business entity operating an eligible project in a Tier I area, as defined under § 6–801 of the Economic Development Article, if the business entity received a certificate under § 6–805 of the Economic Development Article before June 1, 2022.

# (6)

“Qualified position” has the meaning stated in § 6–801 of the Economic Development Article.

# (7)

“Qualified property” means real property where an eligible project is located.

# (b)

# (1)

There is a credit against the State property tax under this section imposed on real property owned by a qualified business entity enrolled in the More Jobs for Marylanders Program established under Title 6, Subtitle 8 of the Economic Development Article.

# (2)

(i) With respect to qualified property of a business entity described under § 6–801(c)(1)(i) of the Economic Development Article, the property tax credit provided under this section is equal to 100% of all State property tax that is due.

(ii) With respect to qualified property of a business entity other than a business entity described under § 6–801(c)(1)(i) of the Economic Development Article, the property tax credit provided under this section is equal to the lesser of:
1. 100% of all State property tax that is due; or
2. an amount not exceeding $250 per qualified position filled at the qualified property.

# (3)

The property tax credit provided under this section does not affect the amount of the county or municipal corporation property tax imposed on the property.

# (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 State property tax assessed against each qualified property.