(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.