Md. Code Regs. 24.05.21.07
Current through Register Vol. 51, No. 24, December 2, 2024
Section 24.05.21.07 - Application for Designation of a RISE Zone Jointly With Political SubdivisionA. On or after July 1, 2015, application for designation of a RISE Zone may be made to the Department by one or more qualified institutions jointly with a county, a municipal corporation, or the economic development agency of a county or municipal corporation.B. Unless a municipal corporation located within a county agrees to designation of a RISE Zone within its boundaries, qualified property in the county may not receive a tax credit against the municipal property tax. The applicant shall obtain the consent of the governing body of the municipal corporation in the form of a resolution.C. Unless a county, in which a municipal corporation is located, agrees to designation of a RISE Zone in the municipal corporation, qualified property in the municipal corporation may not receive a tax credit against county property tax. The applicant shall obtain the consent of the governing body of the county in the form of a resolution. D. All applications shall be complete, meet all stated requirements, and be properly signed by the chief elected, executive official or, if none, by the governing body of, each of the political subdivisions applying with the qualified institution. E. Any modification to the boundaries of an existing RISE Zone must be approved by each applicant for the initial designation of the RISE Zone.Md. Code Regs. 24.05.21.07
Regulation .07 adopted effective 42:6 Md. R. 514, eff.3/30/2015