(2) “Commerce zone” means a priority funding area in Kent County designated by the governing body of Kent County as a commerce zone.

(3) “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.

(b) 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.

(c) 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:

(1) purchasing newly constructed premises;

(2) constructing new premises;

(3) causing new premises to be constructed; or

(4) improving existing premises for occupation by the business entity.

(d) 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:

(1) 50% for each of the first 5 taxable years;

(2) 25% in taxable years 6 and 7;

(3) 15% in taxable years 8 through 10; and

(4) 0% for each taxable year thereafter.

(e) The governing body of Kent County may provide, by law, for:

(1) the specific eligibility requirements for the tax credit authorized under this section;

(2) any additional limitations on eligibility for the credit; and

(3) any other provision necessary to implement the credit.