[Amended 8-12-2014 by Bill No. 1288]
In this article, the following terms have the meanings indicated:
COMMERCIAL OR INDUSTRIAL BUSINESS
Light manufacturing, distribution facilities, office users,
technology-based businesses, research and development, and other enterprises
engaged in an activity identified by the Talbot County Office of Economic
Development as a target for Talbot County's business attraction and
retention efforts, excluding retail stores, retail food outlets, and
motels.
FULL-TIME POSITION
Permanent employment of not less than 35 hours per week,
or 1,750 hours per annum, that is reasonably expected to exist indefinitely.
SUBSTANTIAL INVESTMENT
Undertaking or completing new construction, or improving
an existing facility which, when completed: increases the fair market
value of the real estate by at least $1,000,000, including the value
of the land; and is occupied by a commercial or industrial enterprise
which creates a minimum of 15 new full-time positions with salaries
equal to or greater than twice the federal minimum wage, within 12
months of completion of construction.
[Amended 7-24-2001 by Bill No. 837; 8-12-2014 by Bill No. 1288]
A. In accordance with Md. Code Ann., Tax-Property Art., § 9-322(c)(1),
and this article, the Talbot County Council may grant a property tax
credit against the tax on real property owned or occupied by a commercial
or industrial business that qualifies under this article.
[Amended at time of adoption of Code (see Ch. 1, General
Provisions, Art. I)]
B. The Finance Office shall administer the credit.
[Amended at time of adoption of Code (see Ch. 1, General
Provisions, Art. I)]
C. Real Property Investment Tax Credit Reserve. The Council shall annually
establish a real property investment tax credit reserve in the general
fund. In any budget year, the total amount of real property investment
tax credits shall not exceed the amount of the real property investment
tax credit reserve.
A commercial or industrial business is eligible
to apply for a tax credit under this article if it:
A. Makes a substantial investment in Talbot County;
B. Is currently or will be doing business in Talbot County;
and
C. Enters into an agreement with Talbot County under §
172-27 of this article.
If it is determined to be in the best interest of the County, the governing body of the County may approve a credit for an individual business that is of a different amount or duration than is specified under §
172-25 of this article. This article is subject to abrogation six months from its effective date.
[Amended 8-12-2014 by Bill No. 1288]
The tax credit may be suspended or revoked if the recipient fails to meet the definition of "substantial improvement," fails to meet the minimum requirements for full-time positions or fails to perform any other covenant, term, promise, or representation in the agreement entered into pursuant to §
172-27.