(A) This property tax credit shall be a credit only against the county real property tax imposed pursuant to Maryland Annotated Code Tax-Property Article § 6-202 and shall not be a credit against any special taxing district tax including, but not limited to tax for fire and rescue services, imposed pursuant to Maryland or Frederick County law.
(B) Property owners shall file annually on or before April 30 of each calendar year an affidavit, signed under oath or affirmation subject to penalties for perjury, with the County Treasurer certifying that the facility continues to operate in Frederick County and qualifies for this tax credit; failure to do so shall mean that the otherwise qualifying property shall not be entitled to receive this tax credit for the following tax year (July 1 through June 30).
(C) In addition to terminating as may be provided in the tax credit agreement or elsewhere in this Article, any tax credit granted under this provision shall terminate:
(1) At the moment ownership of the qualifying facility or real property on which it sits is transferred or conveyed in any manner whatsoever, except that this provision shall not apply simply because the facility or real property is subject to a mortgage or deed of trust granted as part of a financing of the property or if the transfer or conveyance is between a parent business entity and its wholly owned subsidiary business entity or between two or more subsidiary business entities wholly owned by the same parent business entity;
(2) At the moment in which the qualifying facility is substantially destroyed;
(3) At the moment the qualifying facility ceases to be used in whole or part for manufacturing, fabricating or assembling purposes, including but not limited to failing to maintain the minimum employment level required for the initial substantial investment; or
(4) At the end of the tenth tax year after the qualifying facility was first eligible for this tax credit.
(D) To the extent this tax credit terminates other than at the end of a tax year, the property owner shall repay, without demand, Frederick County the amount of the tax credit received for that tax year. Interest shall accrue from the moment the tax credit terminates at the rate established for overdue property taxes. To the extent permitted by law, any unrepaid tax credit is a lien on the real property that had received the tax credit and may be collected in the same manner as unpaid property taxes may be collected under the Annotated Code of Maryland, Tax-Property Article.
(E) In the event the commercial or industrial business making the substantial investment that qualifies for this tax credit is a lessee of real property subject to this credit, the amount of this tax credit shall pass through to the commercial or industrial business that makes the substantial investment qualifying the facility for this credit, except that the term of the tax credit may not exceed the remaining term of the lease and may not, in any event, exceed ten years.
(F) In the event a commercial or industrial business qualifies for this commercial and industrial business tax credit as well as for a second real property tax credit available from the county and applications are timely filed for both credits, the qualifying business may elect which credit to receive, but may not receive both credits. Upon expiration or termination of the selected credit, if the qualifying business is not then in default of the qualifications for either tax credit and the tax credits were for different length terms the business shall then receive the remaining credit available during any remaining time on the second credit.
(Bill No. 15-09, 9-1-2015)