Maryland Code, ECONOMIC DEVELOPMENT 5-702
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Terms Used In Maryland Code, ECONOMIC DEVELOPMENT 5-702
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
- state: means :
(1) a state, possession, territory, or commonwealth of the United States; or
(2) the District of Columbia. See
(a) The purpose of the enterprise zones authorized under this subtitle is to attract, retain, and encourage commercial development in economically distressed areas of the State, in partnership with political subdivisions, by incentivizing capital investment and job creation through real property and income tax credits.
(b) Subject to § 9-103 of the Tax – Property Article, a business entity that owns, operates, develops, constructs, or rehabilitates property intended for use primarily as single or multifamily residential property located in an enterprise zone may not benefit from an incentive or initiative under this subtitle.