EXPLANATION: CAPITALS indicate matter added to existing law.
[Brackets] indicate matter deleted from existing law.
* WARNING: THIS IS AN UNOFFICIAL, INTRODUCTORY COPY OF THE BILL.
THE OFFICIAL COPY CONSIDERED BY THE CITY COUNCIL IS THE FIRST READER COPY.
INTRODUCTORY*
CITY OF BALTIMORE
COUNCIL BILL
Introduced by: The Council President
At the request of: The Administration (Baltimore Development Corporation)
A BILL ENTITLED
AN ORDINANCE concerning
Title
Brownfields - Tax Credit
FOR the purpose of modifying the criteria for an additional credit against a Brownfields site’s property tax liability; clarifying the criteria for an extended tax-credit period; and generally related to the tax credit for Brownfields sites.
Body
BY repealing and reordaining, with amendments
Article 28 - Taxes
Section(s) 10-10(c) and (e)
Baltimore City Code
(Edition 2000)
BY repealing and reordaining, without amendments
Article 28 - Taxes
Section(s) 10-10(d)
Baltimore City Code
(Edition 2000)
SECTION 1. BE IT ORDAINED BY THE MAYOR AND CITY COUNCIL OF BALTIMORE, That the Laws of Baltimore City read as follows:
Baltimore City Code
Article 28. Taxes
Subtitle 10. Credits
§ 1010. Brownfields.
(c) Taxcredit period.
The credit granted by this section applies in each of the taxable years immediately following the 1st revaluation of the Brownfields site after completion of a voluntary cleanup or corrective action plan, for a total of:
(1) 5 taxable years; or
(2) 10 TAXABLE YEARS, if the site:
(I) is in a designated State Enterprise Zone[, 10 taxable years]; AND
(II) IS QUALIFIED PROPERTY, AS THAT TERM IS DEFINED IN TAX – PROPERTY ARTICLE § 9103 .
(d) Basic 50% credit.
Th...
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