§ 9-316

# (a)

# (1)

In this section the following words have the meanings indicated.

# (2)

“Commerce zone” means a priority funding area in Kent County designated by the governing body of Kent County as a commerce zone.

# (3)

“New, improved, or expanded premises” means commercial or industrial real property, including a building or part of a building that has not been previously occupied, where a business entity locates to conduct business.

# (b)

The governing body of Kent County may grant, by law, a property tax credit under this section against the county property tax imposed on real property owned by a business entity that meets the requirements specified under this section.

# (c)

To qualify for a property tax credit under this section, a business entity shall obtain new, improved, or expanded premises in a commerce zone by:

# (1)

purchasing newly constructed premises;

# (2)

constructing new premises;

# (3)

causing new premises to be constructed; or

# (4)

improving existing premises for occupation by the business entity.

# (d)

If a business entity meets the requirements under subsection (c) of this section, the property tax credit granted under this section shall equal a percentage of the amount of county property tax imposed on the assessment of the new, improved, or expanded premises, as follows:

# (1)

50% for each of the first 5 taxable years;

# (2)

25% in taxable years 6 and 7;

# (3)

15% in taxable years 8 through 10; and

# (4)

0% for each taxable year thereafter.

# (e)

The governing body of Kent County may provide, by law, for:

# (1)

the specific eligibility requirements for the tax credit authorized under this section;

# (2)

any additional limitations on eligibility for the credit; and

# (3)

any other provision necessary to implement the credit.