§ 19-3213. Recapture. 649

   (1)   General rule. If any qualified business located within the Zone has received an exemption, abatement or credit under this Chapter and subsequently relocates outside of the Zone within five years, that business shall refund to the City or School District, as applicable, the following (for purposes of this subsection, the Zone shall not include the Economic Development District or the Strategic Development Area):  650

      (a)   If a qualified business relocates within three years from the date of first locating in the Zone, sixty-six percent (66%) of all the exemptions, abatements or credits attributed to that qualified business's participation in the Zone shall be refunded.

      (b)   If a qualified business relocates within three to five years from the date of first locating in the Zone, thirty-three percent (33%) of all exemptions, abatements or credits attributed to that qualified business's participation in the Zone shall be refunded.

      (c)   If the qualified business was located within a facility operated by a nonprofit organization to assist in the creation and development of a start-up business, no exemption, abatement or credit shall be refunded.

   (2)   If any qualified business located within the Economic Development District has received an exemption, abatement or credit under this Chapter and subsequently relocates outside of the Economic Development District within five years, that business shall refund to the City the following:

      (a)   If the qualified business relocates within three years from the date of first locating in the economic development district, seventy-five percent (75%) of all the exemptions, deductions, abatements or credits attributed to the qualified business's participation in the economic development district shall be refunded to the Commonwealth and the qualified political subdivisions.

      (b)   If a qualified business relocates within four to seven years from the date of first locating in the economic development district, fifty percent (50%) of all exemptions, deductions, abatements or credits attributed to the qualified business's participation in the economic development district shall be refunded to the Commonwealth and the qualified political subdivisions.

      (c)   If the qualified business was located within a facility operated by a nonprofit organization for food distribution, no exemption, deduction, abatement or credit shall be refunded.

   (3)   If the Department, the Board of Revisions of Taxes or DCED finds that a taxpayer claimed an abatement, exemption or credit of real estate tax or any other tax to which the taxpayer was not entitled under the Act or this Chapter, the taxpayer shall be liable for the abated taxes and subject to the applicable interest and penalty provisions provided by law.

 

Notes

649	Amended, Bill No. 010092 (approved February 28, 2001); amended, Bill No. 050504-A (approved July 8, 2005). See note 571 for effective date provisions.
650	Amended, Bill No. 071081 (approved December 21, 2007). See note 590 for effective date provisions.