Section 9-247 - Credit for property used as a publicly sponsored business incubator. - Maryland Statutes

§ 9-247. Credit for property used as a publicly sponsored business incubator.
 

(a)  "Business incubator" defined.- 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)  In general.- 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)  Amount, duration, eligibility, regulation.- 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. 
 

[2007, chs. 572, 573.]