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Ch. 572
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Martin O'Malley, Governor
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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.
Approved by the Governor, May 17, 2007.
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CHAPTER 573
(House Bill 327)
AN ACT concerning
Property Tax - Exemption Credit for Property Used as a Publicly Sponsored
Business Incubator
FOR the purpose of exempting from the State and local property tax authorizing the
Mayor and City Council of Baltimore City or the governing body of a county or
of a municipal corporation to grant, by law, a property tax credit for certain
property that is used as a business incubator; authorizing the county or
municipal corporation to provide, by law, for the amount and duration of the
credit and for certain provisions necessary to carry out this Act; defining a
certain term; providing for the application of this Act; and generally relating to
a State and local property tax exemption credit for certain property that is used
as a business incubator.
BY adding to
Article - Tax - Property
Section 7-242 9-246
Annotated Code of Maryland
(2001 Replacement Volume and 2006 Supplement)
SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That the Laws of Maryland read as follows:
Article - Tax - Property
7-242. 9-246.
(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, ADMINISTRATE SERVICES AND
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- 3745 -
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