Under the authority of Section 9-257 of the Tax — Property Article, Annotated Code of Maryland, there is a Prince George's County Business Start-up Personal Property Tax Credit. Definitions. In this Section, the following words have the following definitions. Locally-Owned and Operated Business is a business whose headquarters and principal place of business is within Prince George's County and with more than 50% ownership by one or more county residents. County resident means a citizen or legal resident whose primary residence and domicile is within Prince George's County, MD. There is a property tax credit for 50% of the county property tax imposed on personal property located in the County that is owned or leased by a Locally Owned and Operated Business provided that at the time of tax credit application, the business owns or leases space in Prince George's County and has done so for a period of sixty (60) months or less, the business has 15 employees or less, and the property is not the operating property of a railroad or public utility; and the business is located within the beltway (the area in the County between the border with the District of Columbia and the Capital Beltway) or within one-quarter mile radius of a transit station; or within one of the primary or secondary growth sectors outlined in the approved Economic Development Strategic Action Plan for Prince George's County; and the business is registered with the State and County and in good standing. A business may annually apply and shall be approved for a property tax credit authorized under this Section for taxes imposed on eligible business personal property during the first sixty (60) months after its commencement of business operations, provided that the recipient business complies with the requirements of this Section. The Office of Finance shall administer this Section and may adopt rules and procedures for its implementation. Annual report. The Director of Finance shall provide an annual report to the County Council on the Prince George's County Business Start-up Personal Property Tax Credit on or before December 31st of each year for the previous fiscal year, to include: the number of applications received; the number of applications denied; the number of tax credits approved; and the location by Councilmanic district of the number of applications received, denied, and the amount of tax credit approved.