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Ch. 572
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2007 Laws of Maryland
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(A) IN THIS SECTION, "BUSINESS INCUBATOR" MEANS A PROGRAM IN
WHICH UNITS OF SPACE ARE LEASED BY MULTIPLE EARLY-STAGE BUSINESSES
THAT SHARE PHYSICAL COMMON SPACE, ADMINISTRATIVE SERVICES AND
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.
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- 3744 -
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