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Maryland Code — Tax-General + Tax-Property Articles

Md. Code Ann., Tax-Prop. § 9-247

§ 9-247

Official textmgaleg.maryland.gov10 subsections

# (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)

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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In this article (40 sections)
  1. gtp-9-227 · § 9-227
  2. gtp-9-228 · § 9-228
  3. gtp-9-229 · § 9-229
  4. gtp-9-230 · § 9-230
  5. gtp-9-231 · § 9-231
  6. gtp-9-232 · § 9-232
  7. gtp-9-233 · § 9-233
  8. gtp-9-234 · § 9-234
  9. gtp-9-235 · § 9-235
  10. gtp-9-236 · § 9-236
  11. gtp-9-237 · § 9-237
  12. gtp-9-238 · § 9-238
  13. gtp-9-239 · § 9-239
  14. gtp-9-240 · § 9-240
  15. gtp-9-241 · § 9-241
  16. gtp-9-242 · § 9-242
  17. gtp-9-243 · § 9-243
  18. gtp-9-244 · § 9-244
  19. gtp-9-245 · § 9-245
  20. gtp-9-246 · § 9-246
  21. gtp-9-247 · § 9-247
  22. gtp-9-248 · § 9-248
  23. gtp-9-249 · § 9-249
  24. gtp-9-250 · § 9-250
  25. gtp-9-251 · § 9-251
  26. gtp-9-252 · § 9-252
  27. gtp-9-253 · § 9-253
  28. gtp-9-254 · § 9-254
  29. gtp-9-255 · § 9-255
  30. gtp-9-256 · § 9-256
  31. gtp-9-257 · § 9-257
  32. gtp-9-258 · § 9-258
  33. gtp-9-259 · § 9-259
  34. gtp-9-260 · § 9-260
  35. gtp-9-261 · § 9-261
  36. gtp-9-262 · § 9-262
  37. gtp-9-263 · § 9-263
  38. gtp-9-264 · § 9-264
  39. gtp-9-265 · § 9-265
  40. gtp-9-266 · § 9-266
Full table of contents →