Current with changes from the 2024 Legislative Session
Section 9-111 - Property tax credit for qualified business entity(a)(1) In this section the following words have the meanings indicated.(2) "Brownfield" has the meaning stated in § 7-237 of this article.(3) "Qualified property" means a brownfield, landfill, or clean fill on which a community solar energy generating system, as defined under § 7-306.2 of the Public Utilities Article, is installed.(b)(1) The Mayor and City Council of Baltimore City and the governing body of each county and of each municipal corporation shall grant a property tax credit under this section against the county or municipal corporation property tax imposed on a qualified property.(2) In addition to the property tax credit provided under paragraph (1) of this subsection, there is a credit against the State property tax that is imposed on qualified property.(c) The amount of the property tax credit allowed under this section shall equal 50% of the State, county, or municipal corporation property tax that is imposed on the eligible assessment of qualified property.(d) The property tax credit under this section may be granted only through the life cycle of a community solar energy generating system if the system installed on the qualified property: (1) is placed in service after June 30, 2022; and(2) has been approved by the Public Service Commission under § 7-306.2 of the Public Utilities Article on or before December 31, 2025.(e) On or before June 15 each year, the Department shall submit to the Public Service Commission a list that includes: (1) the location of each qualified property;(2) the amount of the base year value for each qualified property; and(3) the amount of the property tax assessed against each qualified property.Added by 2018 Md. Laws, Ch. 350, Sec. 3, eff. 6/1/2018. 2018 Md. Laws, Ch. 350, Sec. 6, provides: "(a) If the Department of Commerce fails to certify a business entity as a qualified business entity under Title 6, Subtitle 9 of the Economic Development Article, as enacted by Section 1 of this Act, before January 1, 2022, this Act, with no further action required by the General Assembly, shall be abrogated and of no further force and effect. (b) On or before January 5, 2022, the Secretary of Commerce shall provide notice of the taking effect of the termination provision under subsection (a) of this section to the Department of Legislative Services, 90 State Circle, Annapolis, Maryland 21401. "