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Ch. 573
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2007 Laws of Maryland
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EQUIPMENT, BUSINESS MANAGEMENT TRAINING, MENTORING. AND TECHNICAL
SUPPORT.
(B) PROPERTY THAT IS USED AS A BUSINESS INCUBATOR IS NOT
SUBJECT TO PROPERTY TAX THE MAYOR AND CITY COUNCIL OF BALTIMORE
CITY OR THE GOVERNING BODY OF A COUNTY OR OF A MUNICIPAL
CORPORATION MAY GRANT, BY LAW, A PROPERTY TAX CREDIT AGAINST THE
COUNTY OR MUNICIPAL PROPERTY TAX IMPOSED ON PROPERTY THAT IS USED
AS A BUSINESS INCUBATOR IF THE STATE, A COUNTY, A MUNICIPAL
CORPORATION, AN ORGANIZATION EXEMPT FROM TAXATION UNDER § 501(C)(3)
OF THE INTERNAL REVENUE CODE, A PUBLIC INSTITUTION OF HIGHER
EDUCATION, OR AN AGENCY OR INSTRUMENTALITY OF THE STATE, A COUNTY, A
MUNICIPAL CORPORATION, OR A PUBLIC INSTITUTION OF HIGHER EDUCATION:
(1) OWNS, CONTROLS, OR LEASES THE SPACE THAT IS USED AS A
BUSINESS INCUBATOR;
(2) PROVIDES AT LEAST 50% OF THE TOTAL FUNDING RECEIVED
BY THE BUSINESS INCUBATOR FROM ALL SOURCES, NOT INCLUDING RENTS
RECEIVED FROM INCUBATOR TENANT FIRMS; OR
(3) IS REPRESENTED ON THE GOVERNANCE BOARD THAT
AUTHORIZES THE ANNUAL BUDGET OF THE BUSINESS INCUBATOR.
(C) THE MAYOR AND CITY COUNCIL OF BALTIMORE CITY OR THE
GOVERNING BODY OF A COUNTY OR MUNICIPAL CORPORATION MAY PROVIDE,
BY LAW, FOR:
(1) THE AMOUNT AND DURATION OF THE PROPERTY TAX CREDIT
UNDER THIS SECTION;
(2) ADDITIONAL ELIGIBILITY CRITERIA FOR THE TAX CREDIT
UNDER THIS SECTION;
(3) REGULATIONS AND PROCEDURES FOR THE APPLICATION AND
UNIFORM PROCESSING OF REQUESTS FOR THE TAX CREDIT; AND
(4) ANY OTHER PROVISION NECESSARY TO CARRY OUT THIS
SECTION.
SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall take effect
June 1, 2007, and shall be applicable to all taxable years beginning after June 30,
2007.
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- 3746 -
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