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PARRIS N. GLENDENING, Governor
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H.B. 972
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assessment, calculated before the application of the credit under this section but after
the application of any other credit allowed under this title.
(3) "Qualified brownfields site" has the meaning stated in Article 83A, §
[3-901(d)] 5-1401(N) of the Code.
(4) 'Taxing jurisdiction" means:
(i) a county or Baltimore City; or
(ii) a municipal corporation.
(b) (1) A taxing jurisdiction may elect to participate in the Brownfields
Revitalization Incentive Program under Article 83A, Title [3] 5, Subtitle [9] 14 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.
(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 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] MARYLAND
ECONOMIC DEVELOPMENT ASSISTANCE Fund under Article 83A, § [3-904] 5-1404 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.
(d) (1) A taxing jurisdiction may grant a property tax credit against the
property tax imposed on a qualified brownfields site in addition to the credit granted
under section (c) of this section.
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- 4701 -
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