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§ 9-247. Business incubators

West's Annotated Code of MarylandTax-PropertyEffective: June 1, 2007

West's Annotated Code of Maryland
Tax-Property
Title 9. Property Tax Credits and Property Tax Relief
Subtitle 2. Statewide Optional
Effective: June 1, 2007
MD Code, Tax - Property, § 9-247
§ 9-247. Business incubators
Currentness
“Business incubator” defined
(a) 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.
In general
(b) 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.
Amount, duration, eligibility, regulations for tax credit
(c) 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.

Credits

Added by Acts 2007, c. 572, § 1, eff. June 1, 2007. Amended by Acts 2007, c. 573, § 1, eff. June 1, 2007.
MD Code, Tax - Property, § 9-247, MD TAX PROPERTY § 9-247
Current through legislation effective through May 9, 2024, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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