Section 9-316 - Kent County(a)(1) In this section the following words have the meanings indicated.(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.