In this Subdivision, the following words have the meanings indicated. Affiliate means a person: that directly or indirectly owns at least 80% of a business entity; or 80% of which is owned, directly or indirectly, by a business entity. Business Entity means a person conducting a trade or business in the State of Maryland, that is subject to the State individual or corporate income tax, insurance premiums tax, financial institutions franchise tax, or public service company franchise tax. Director means the Director of the Office of Finance or the Director's designee. Enhanced New Jobs Tax Credit means the credit granted under this Subdivision to a qualified business entity against the County property tax imposed on the new or expanded premises that qualify under state law for an enhanced new jobs tax credit and the personal property located on those premises. New Jobs Tax Credit means the credit granted under this Subdivision to a qualified business entity against the County property tax imposed on the new or expanded premises and the personal property located on those premises. New Permanent Full-time Position means a position that is: a full-time position of indefinite duration; located in Maryland; newly created, as a result of the establishment of a business facility in Maryland; and filled. New Permanent Full-time Position does not include a position that is: created when an employment function is shifted from an existing facility of the business entity or its affiliates located in Maryland to another business facility of the same business entity or its affiliates, if the position does not represent a net new job in the State. created through a change in ownership of a trade or business; created through a consolidation, merger, or restructuring of a business entity or its affiliates, if the position does not represent a net new job in the State; created when an employment function is contractually shifted from an existing business entity or its affiliates, located in the State to another business entity or its affiliates, if the position does not represent a net new job in the State; or filled for a period of less than 12 months. New or Expanded Premises means real property, including a building or part of a building that has not been previously occupied, where a business entity or its affiliates locate to conduct business. Notification Date means the date on which the business entity provides written notice to the County as required under Section 10-235.18 of this Subdivision.

There is a Prince George's County New Jobs Tax Credit and an Enhanced New Jobs Tax Credit against the County property tax imposed on real property owned or leased by a business entity or its affiliates and on personal property owned by that business entity or its affiliates if the business entity qualifies for either credit under this Subdivision. A tax credit may not be granted under this Subdivision if: the business entity has moved the operations which are located on new or expanded premises from another county (including Baltimore City) in Maryland; the business entity or another taxpayer has been given a tax credit or exemption for the new or expanded premises during the same taxable year under any other state or county law; or the location of the new or expanded premises is inconsistent with any applicable land use master plan. To qualify for a credit under this Subdivision, the new or expanded premises must be located in a priority funding area as designated in Title 5, Subtitle 7B of the State Finance and Procurement Article of the Maryland Code. To qualify for a credit against property tax imposed on personal property, a business entity must certify that the personal property is located on premises that qualify for a new jobs tax credit or enhanced new jobs tax credit under this Subdivision.

New Jobs Tax Credit. To qualify for a New Jobs Tax Credit under this Subdivision, a business entity shall: obtain at least 5,000 square feet of new or expanded premises in the County by purchasing newly constructed premises, constructing new premises, causing new premises to be constructed, or leasing newly constructed premises; and employ at least 25 persons, of which at least thirty percent (30%) shall be County residents, in new permanent full-time positions located in the new or expanded premises in the County during a 24-month period, during which the business entity must also occupy the new or expanded premises. Enhanced New Jobs Tax Credit. To qualify for an Enhanced New Jobs Tax Credit under this Subdivision, a business entity, along with its affiliates, shall: obtain at least 250,000 square feet of new or expanded premises in the County by purchasing newly constructed premises, constructing new premises, causing new premises to be constructed, or leasing newly constructed premises; continue to employ at least 2,500 individuals in existing full-time positions paying at least 150% of the federal minimum wage and located at premises in the State where the business entity, along with its affiliates, is primarily engaged in one or more of the industries listed in Paragraph (2) of this Subsection; and employ at least 500 individuals, of which at least thirty percent (30%) shall be County residents, in new permanent full-time positions paying at least 150% of the federal minimum wage and located in the new or expanded premises in the County and, if applicable, in newly renovated premises adjoining or otherwise neighboring the new or expanded premises; or obtain at least 250,000 square feet of new or expanded premises in the County by purchasing newly constructed premises, constructing new premises, causing new premises to be constructed, or leasing newly constructed premises; and employ at least 1,250 individuals, of which at least thirty percent (30%) shall be County residents, in new permanent full-time positions paying at least 150% of the federal minimum wage and located in the new or expanded premises in the County and, if applicable, in newly renovated premises adjoining or otherwise neighboring the new or expanded premises. To qualify for an Enhanced New Jobs Tax Credit under this Subdivision, a business entity, along with its affiliates, shall primarily be engaged in one or more of the following at the qualifying premises: manufacturing or mining; transportation or communications; agriculture, forestry, or fishing; research, development, or testing; biotechnology; computer programming, data processing, or other computer-related services; central services as defined in § 6-101 of the Economic Development Article of the Maryland Code; the operation of central administrative services as defined in § 6-101 of the Economic Development Article of the Maryland Code; a public utility; warehousing; or business services. To qualify for the Enhanced New Jobs Tax Credit under this Subdivision, a business entity shall: within a 6-year period beginning on the notification date, employ individuals in the number of new permanent full-time positions required under Paragraph (1) of this Subsection; during the 6-year hiring period, obtain and occupy the new or expanded premises and, if applicable, the newly renovated premises adjoining or otherwise neighboring the new or expanded premises; and during the 6-year hiring period, comply with all other requirements for the credits described in this Subsection and in any applicable local law.

If a business entity meets the requirements of Section 10-235.14 and Subsection 10-235.15(a) of this Subdivision, and any applicable State law, the Director shall compute the amount of the New Jobs Tax Credit granted under this Subdivision for new or expanded premises and the personal property located on those premises that may be claimed against the County property taxes that would otherwise be due to equal a percentage of the amount of property tax imposed on the assessment of the new or expanded premises, as follows: 52% during the first and second taxable years in which a credit is allowed; 39% during the third and fourth taxable years in which a credit is allowed; 26% during the fifth and sixth taxable years in which a credit is allowed; and 0% for each taxable year thereafter. If a business entity meets the requirements of Section 10-235.14 and Subsection 10-235.15(b) of this Subdivision, and any applicable State law, for the first 12 taxable years after it qualifies for the credit, an Enhanced New Jobs Tax Credit may be claimed against the County property taxes that would otherwise be due. The Director shall compute the amount of the property tax credit granted to equal 58.5% of the amount of property tax imposed on the increase in assessment of: the new or expanded premises; newly renovated real property improvements adjoining or otherwise neighboring the new or expanded premises, if the renovations are substantial; and the personal property located on the premises described in items (A) and (B) of this Subparagraph. A renovation is substantial for purposes of this Subsection if the renovation results in a complete rehabilitation of at least 50% of each building on the property. The increase in assessment shall be measured from the notification date to the applicable annual assessment date after the Director has certified that the business entity has qualified for the credit. The lessor of real property eligible for property tax credits under this Subdivision shall reduce by the amount of property tax credits computed under this Subdivision the amount of taxes for which an eligible business entity is contractually liable under the lease agreement.

A business entity which does not satisfy all applicable requirements under this Subdivision to qualify for a tax credit during the three taxable years after any year when a credit was allowed shall repay the tax credit to the County after receiving notice from the Director that the credit must be repaid. Interest shall accrue on any repayable tax credit at the rate established for overdue property taxes, beginning 30 days after the notice from the Director. Any unrepaid tax credit is a lien on real and personal property owned by the business entity in the same manner as unpaid real property taxes under State and County law.

To qualify for a tax credit under this Subdivision, before it obtains the new or expanded premises or hires employees to fill the new permanent full-time positions at the new or expanded premises, a business entity shall, on a form furnished by the Director, provide written notification to the County: that it intends to claim the property tax credit or enhanced property tax credit; if it intends to claim the enhanced property tax credit, how it expects to meet the requirements to qualify for the enhanced property tax credit; and when it expects to obtain and occupy the new or expanded premises and hire the required number of employees in the new permanent full-time positions. If a business entity meets the requirements for a tax credit under this Subdivision, the Director shall: certify to the Maryland Department of Assessments and Taxation and the Maryland Department of Business and Economic Development that the business entity has met the requirements for the tax credit for the taxable year that follows the date on which it met the requirements; and require submission of reports by the business entity during the three taxable years after any year when the tax credit was earned to verify that the business entity continues to satisfy all applicable requirements under this Subdivision.