(a) Definition. In this section, "research and development" means basic and applied research in the sciences and engineering and the design, development, and governmentally-required pre-market testing of prototypes, products, and processes, but the term does not include market research, research in the social sciences or psychology or other non-technical activities, routine product testing, sales services, technical and non-technical services, or research and development of a public utility.
(b) Authority. This section is pursuant to the Tax-Property Article, § 7-237, of the State Code, that authorizes a county to grant an exemption under that section from the County property tax imposed on certain research and development property.
(c) Scope of personal property included. All machinery, equipment, materials, and supplies that are consumed in or used primarily in research and development are subject to an exemption from the County's personal property tax. The exemption applies to eligible personal property acquired or transferred into the County after December 31, 1994.
(d) Calculation. The exemption granted under this section is equal to the balance of the assessment of the property.
(e) Filing with State Department of Assessments and Taxation. Applications for tax exemption shall be filed with the State Department of Assessments and Taxation under regulations adopted by that Department.
(1985 Code, Art. 6, § 1-109) (Bill No. 89-96)