§ 10-10. Brownfields.
(a) Definitions.
(1) In this section, the following words have the meanings indicated.
(2) "Brownfields Incentive Fund" means the Brownfields Revitalization Incentive Fund established under Article 83A, § 3-904 of the Maryland Code.
(2) "Brownfields Incentive Program" means the Brownfields Revitalization Incentive Program established under Article 83A, Title 3, Subtitle 9 of the Maryland Code.
(3) "Brownfields site" means a qualified Brownfields site, as defined in Article 83A, § 3-901(d) of the Maryland Code.
(4) "Increased property tax liability" means the remaining property tax liability, after first applying all other property tax credits applicable to the site, attributable to the increase in the assessment of a Brownfields site, including improvements added to the site within the tax-credit period provided for in this section, over the assessment of the Brownfields site before its voluntary cleanup.
(b) Election to participate in Program.
Pursuant to § 9-229 of the State Tax-Property Article, the City of Baltimore elects to participate in the Brownfields Incentive Program and to provide the tax credits authorized by this section.
(c) Tax-credit 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) if the site is in a designated State Enterprise Zone, 10 taxable years.
(d) Basic 50% credit.
The amount of the tax credit is 50% of the Brownfields site's increased property tax liability.
(e) Additional 20% in credits for certain sites.
An additional credit of 20% of a Brownfields site's increased property tax liability shall be granted if the aggregate cost of the site's purchase and the voluntary cleanup or corrective action plan efforts equals or exceeds $250,000.
(f) Contribution to Incentive Fund.
For each year of the tax-credit period specified in subsection (c) of this section, the City shall contribute to the Brownfields Incentive Fund an amount equal to 30% of a Brownfields site's increased property tax liability.
(g) Credits transferability.
The credits provided for in subsections (d) and (e) of this section may be transferred to a purchaser of the property for the remaining term of the credit.
(h) Termination of credit.
The tax credit granted under this section terminates if:
(1) the recipient of the credit withdraws from the voluntary cleanup program under § 7-512(a) or (b) of the Environment Article;
(2) the Department of the Environment withdraws approval of a response action plan or a certificate of completion under § 7-512(e) and (f) of the Environment Article; or
(3) the recipient of the credit otherwise ceases to qualify for the credit under this section or the rules and regulations adopted under this section.
(i) Application for credit.
(1) An application for a tax credit under this section must be filed in the 1st taxable year in which the property qualifies.
(2) The application must be made on the form and contain the information that the Director of Finance specifies.
(3) Before a credit may be granted, the applicant must provide satisfactory evidence of:
(i) completion of a voluntary cleanup or corrective action plan approved by the State Department of the Environment; and
(ii) for the additional credit provided under subsection (e) of this section, the cost of the site's purchase and of the voluntary cleanup or corrective action plan.
(j) Administration.
The Director of Finance may:
(1) subject to Title 4 {"Administrative Procedure Act – Regulations"} of the City General Provisions Article, adopt rules and regulations to carry out the provisions of this section;
(2) settle any disputed claims arising in connection with the credit authorized by this section; and
(3) delegate his or her powers and duties to administer this section to any employee or agency of the City.