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PARRIS N. GLENDENING, Governor
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H.B. 331
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Article - Tax - Property
9-229.
(b) (1) (I) A taxing jurisdiction may elect to participate in the Brownfields
Revitalization Incentive Program under Article 83A, Title 3, Subtitle 9 of the Code
THROUGH THE ENACTMENT OF LEGISLATION THAT GRANTS PROPERTY TAX
CREDITS IN ACCORDANCE WITH THE REQUIREMENTS OF THIS SECTION
(II) IF A TAXING JURISDICTION ELECTS TO PARTICIPATE IN THE
PROGRAM IN ACCORDANCE WITH THIS SECTION, THE TAXING JURISDICTION SHALL
NOTIFY THE DEPARTMENT OF BUSINESS AND ECONOMIC DEVELOPMENT.
(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 IN ACCORDANCE WITH THIS SECTION, 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.
(c) 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 PARTICIPATING 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.
SECTION 3. AND BE IT FURTHER ENACTED, That the Laws of Maryland
read as follows:
Article 83A - Department of Business and Economic Development
5-1401.
(f) (1) " Brownfields site" means:
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