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