Ch. 1

1997 LAWS OF MARYLAND

(2) A COUNTY OR BALTIMORE CITY; OR
(3) (2) A MUNICIPAL CORPORATION.

(D)     (1) A TAXING JURISDICTION MAY ELECT TO PARTICIPATE IN THE
BROWNFIELDS REVITALIZATION INCENTIVE PROGRAM UNDER ARTICLE 83A, TITLE
3, SUBTITLE 9 OF THE CODE.

(2)      IF A TAXING JURISDICTION ELECTS TO PARTICIPATE IN THE
BROWNFIELDS REVITALIZATION INCENTIVE PROGRAM, THE TAXING JURISDICTION
SHALL:

(I)       ENACT THE NECESSARY LEGISLATION TO GRANT THE
PROPERTY TAX CREDITS ESTABLISHED UNDER THIS SECTION; AND

(II)     NOTIFY THE DEPARTMENT OF BUSINESS AND ECONOMIC
DEVELOPMENT.

(3)      IF A TAXING JURISDICTION ELECTS TO PARTICIPATE IN THE
BROWNFIELDS REVITALIZATION INCENTIVE PROGRAM, THE PROPERTY TAX
CREDITS UNDER THIS SECTION SHALL ALSO APPLY TO THE STATE PROPERTY TAX IN
THAT JURISDICTION IN THE SAME PERCENTAGE AND FOR THE SAME DURATION AS
PROVIDED FOR THE PROPERTY TAX OF THE TAXING JURISDICTION.

(E)     FOR EACH OF THE 5 TAXABLE YEARS IMMEDIATELY FOLLOWING THE
FIRST REVALUATION OF THE PROPERTY AFTER COMPLETION OF A VOLUNTARY
CLEANUP OR CORRECTIVE ACTION PLAN OF A BROWNFIELDS SITE, EACH TAXING
JURISDICTION WHERE A QUALIFIED BROWNFIELDS SITE IS LOCATED SHALL:

(1)      GRANT A PROPERTY TAX CREDIT AGAINST THE PROPERTY TAX
IMPOSED ON THE QUALIFIED BROWNFIELDS SITE IN AN AMOUNT EQUAL TO 50% OF
THE PROPERTY TAX ATTRIBUTABLE TO THE INCREASE IN THE ASSESSMENT OF THE
QUALIFIED BROWNFIELDS SITE, INCLUDING IMPROVEMENTS ADDED TO THE SITE
WITHIN THE 5-YEAR PERIOD AS PROVIDED UNDER THIS SUBSECTION, OVER THE
ASSESSMENT OF THE QUALIFIED BROWNFIELDS SITE BEFORE THE VOLUNTARY
CLEANUP; AND

(2)      CONTRIBUTE TO THE BROWNFIELDS REVITALIZATION INCENTIVE
FUND UNDER ARTICLE 83A, § 3-904 OF THE CODE, 30% OF THE PROPERTY TAX
ATTRIBUTABLE TO THE INCREASE IN THE ASSESSMENT OF THE BROWNFIELDS SITE,
INCLUDING IMPROVEMENTS ADDED TO THE SITE WITHIN THE 5-YEAR PERIOD AS
PROVIDED UNDER THIS SUBSECTION, OVER THE ASSESSMENT OF THE QUALIFIED
BROWNFIELDS SITE BEFORE THE VOLUNTARY CLEANUP.

(F)      A TAXING JURISDICTION MAY GRANT A PROPERTY TAX CREDIT UP TO AN
ADDITIONAL 20% OF THE REMAINING PROPERTY TAX ATTRIBUTABLE TO THE
INCREASE IN THE ASSESSMENT OF THE QUALIFIED BROWNFIELDS SITE INCLUDING
IMPROVEMENTS ADDED TO THE SITE OVER THE ASSESSMENT OF THE QUALIFIED
BROWNFIELDS SITE BEFORE THE VOLUNTARY CLEANUP.

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