In this section the following words have the meanings indicated. “Commerce zone” means a priority funding area in Kent County designated by the governing body of Kent County as a commerce zone. “New, improved, or expanded premises” means commercial or industrial real property, including a building or part of a building that has not been previously occupied, where a business entity locates to conduct business. The governing body of Kent County may grant, by law, a property tax credit under this section against the county property tax imposed on real property owned by a business entity that meets the requirements specified under this section. To qualify for a property tax credit under this section, a business entity shall obtain new, improved, or expanded premises in a commerce zone by: purchasing newly constructed premises; constructing new premises; causing new premises to be constructed; or improving existing premises for occupation by the business entity. If a business entity meets the requirements under subsection (c) of this section, the property tax credit granted under this section shall equal a percentage of the amount of county property tax imposed on the assessment of the new, improved, or expanded premises, as follows: 50% for each of the first 5 taxable years; 25% in taxable years 6 and 7; 15% in taxable years 8 through 10; and 0% for each taxable year thereafter. The governing body of Kent County may provide, by law, for: the specific eligibility requirements for the tax credit authorized under this section; any additional limitations on eligibility for the credit; and any other provision necessary to implement the credit.