(a) Definitions. In this section, the following words have the meanings indicated:
(1) “Brownfields site” has the meaning stated in the Economic Development Article, § 5-301(i), of the State Code.
(2) “Corrective action plan” is a plan submitted to and approved by the State pursuant to the Environment Article, Title 4, of the State Code.
(3) “Qualified brownfields site” has the meaning stated in the Economic Development Article, § 5-301(r), of the State Code.
(4) "Voluntary cleanup program" is the program created by the Environment Article, Title 7, Subtitle 5, of the State Code.
(b) Creation. There is a brownfields tax credit from County real property taxes levied on qualified brownfields sites as authorized by the Tax-Property Article, § 9-229 of the State Code.
(c) Effective date. The brownfields tax credit shall be effective for each of the five taxable years following the issuance of the notice of revaluation by the State Department of Assessments and Taxation for the qualified brownfields site, after completion of a voluntary cleanup program or a corrective action plan for a qualified brownfields site.
(d) Form of application. An application for a brownfields tax credit shall be made to the Controller on a form provided by the Controller; demonstrate that the brownfields site meets the requirements of this section; and include any additional information the Controller believes to be necessary to determine if the taxpayer is eligible to receive the brownfields tax credit.
(e) Calculation. The brownfields tax credit shall be an amount equal to 50% of the property tax attributable to the increase in the assessment of the qualified brownfields site, including improvements added to the site during the credit period, over the assessment of the qualified brownfields site before a voluntary cleanup program or a corrective action plan.
(f) County contribution. Pursuant to Tax-Property Article, § 9-229(c)(2), of the State Code, for each year of the credit period, the County shall contribute to the Maryland Economic Development Assistance Fund established under the Economic Development Article, § 5-310, of the State Code, an amount equal to 30% of the property tax attributable to the increase in the assessment of the qualified brownfields site, including improvements to the site during the credit period, over the assessment of the qualified brownfields site before a voluntary cleanup program or a corrective action plan.
(g) Additional tax credit. A qualified brownfields site located within the OTC-C Zoning District shall be eligible for an additional tax credit in an amount equal to an additional 20% of the remaining property tax attributable to the increase in assessment of the qualified brownfields site, including improvements added during the credit period, over the assessment of the qualified brownfields site before a voluntary cleanup program or corrective action plan.
(Bill No. 40-07; Bill No. 48-10; Bill No. 72-10; Bill No. 17-20; Bill No. 84-23)