[Adopted 12-10-1997 by Bill No. 8-97[1] (Ch. 182, Art. V, of the 1984 Code), effective 12-10-1997]
[1]
Editor's Note: This bill also provided that the purpose
of the credit provided for herein shall be to encourage use and remediation
of Brownfields sites which will benefit the health, safety and welfare
of the citizens of Allegany County.
A.
Pursuant to the authority contained in § 9-229, Tax Property
Article, Annotated Code of Maryland, Allegany County elects to participate
in the Brownfields Revitalization Incentive Program established under
Title 5, Subtitle 14, Article 83A, § 5-14, Annotated Code
of Maryland, and to provide a Brownfields property tax credit for
the taxable year beginning July 1, 1998.
[Amended 7-14-2011 by Bill No. 3-11, effective 9-1-2011]
B.
There is an Allegany County Brownfields property tax credit against
the real property of a qualified Brownfields site, as defined in § 5-1401(J),
Article 83A, Annotated Code of Maryland, in 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 the voluntary cleanup or corrective action
plan.
[Amended 7-14-2011 by Bill No. 3-11, effective 9-1-2011]
C.
The credit shall apply in each of the five taxable years immediately
following the first revaluation of the property after completion of
a voluntary cleanup or corrective action plan of a qualified Brownfields
site.
D.
The credit is subject to the requirements and limitations set forth
in § 9-229 of the Tax-Property Article, Annotated Code of
Maryland.
E.
Pursuant to the requirement contained in § 9-229(e), Tax-Property
Article, Annotated Code of Maryland, for each year of the credit period,
Allegany County shall contribute to the Brownfields Revitalization
Incentive Fund established under § 5-1408, Article 83A,
Annotated Code of Maryland, an amount equal to 30% of the property
tax attributable to the increase in the assessment of the qualified
Brownfields site during the credit period, over the assessment of
the qualified Brownfields site before the voluntary cleanup or corrective
action plan.
[Amended 7-14-2011 by Bill No. 3-11, effective 9-1-2011]
F.
Notwithstanding Subsection C of this section, for a site located in an enterprise zone designated under Subtitle 4, Title 5, Article 83A, Annotated Code of Maryland, the credit shall apply in each of the 10 taxable years immediately following the revaluation of the property after completion of a voluntary cleanup or corrective action plan of a qualified Brownfields site.
G.
An owner making application shall provide Allegany County with evidence
that they have completed a voluntary cleanup or has a corrective action
plan approved by the Maryland Department of the Environment.
