(a) Definition. In this section, "foreign trade zone" means a foreign trade zone or subzone established under federal law.
(b) Scope. This section does not apply to operating personal property of a public utility.
(c) Creation. There is a tax credit against County personal property taxes levied on personal property that is located in a foreign trade zone within the County.
(d) Time for filing application. Application for the tax credit created by this section shall be filed on or before June 1 immediately before the first taxable year for which the tax credit is sought. If the application is filed after June 1, the credit shall be disallowed that year but shall be treated as an application for a tax credit for the next succeeding taxable year.
(e) Form of application. An application for the tax credit shall be submitted to the Controller on forms that the Office of Finance requires; be under oath, containing a declaration preceding the signature of the applicant to the effect that it is made under the penalties of perjury provided for by the Tax-Property Article, § 1-201, of the State Code; and be accompanied by proof that the personal property satisfies the requirements of this section.
(f) Calculation. The tax credit shall be calculated and credited based on the total personal property tax levied by the County on personal property satisfying the requirements of this section.
(1985 Code, Art. 6, § 1-110) (Bill No. 87-01)
Editor's note – The provisions of this section became effective starting with the tax year that began July 1, 2002 and on June 30, 2022 shall be considered abrogated and of no further force and effect. (Bill No. 87-01 provided that the personal property tax credit created under this section ended on June 30, 2007. Bill No. 38-07 extended the termination of the personal property tax credit to June 30, 2012; Bill No. 19-12 extended it to June 30, 2017; and Bill No. 1-17 extended it to June 30, 2022; and Bill No. 56-22 extended it to June 30, 2027.)