(a)(1) In this section the following words have the meanings indicated.
(2)“Base year” means the taxable year immediately before the taxable year in which a property tax credit under this section is to be granted.
(3)(i) “Base year value” means the value of the property used to determine the assessment on which the property tax on real property was imposed for the base year.
(ii)“Base year value” does not include the value of any new real property that was first assessed in the base year.
(4)“Eligible assessment” means the difference between the base year value and the actual value as determined by the Department for the applicable taxable year in which the tax credit under this section is to be granted.
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(a) (1) In this section the following words have the meanings indicated.
(2) “Base year” means the taxable year immediately before the taxable year in which a property tax credit under this section is to be granted.
(3) (i) “Base year value” means the value of the property used to determine the assessment on which the property tax on real property was imposed for the base year.
(ii) “Base year value” does not include the value of any new real property that was first assessed in the base year.
(4) “Eligible assessment” means the difference between the base year value and the actual value as determined by the Department for the applicable taxable year in which the tax credit under this section is to be granted.
(5) “Qualified opportunity fund” has the meaning stated in § 1400Z–2 of the Internal Revenue Code.
(6) “Qualified opportunity zone business property” has the meaning stated in § 1400Z–2 of the Internal Revenue Code.
(b) The Mayor and City Council of Baltimore City or the governing body of a county or municipal corporation may grant, by law, a tax credit under this section against the property tax imposed on the eligible assessment of a qualified opportunity zone business property if the property was vacant for at least 12 months before the acquisition of the property by a qualified opportunity fund.
(c) The Mayor and City Council of Baltimore City or the governing body of a county or municipal corporation may establish, by law:
(1) the amount and duration of the credit under this section;
(2) additional eligibility criteria for the credit under this section;
(3) procedures for the application and uniform processing of requests for the credit; and
(4) any other provisions necessary to carry out this section.
(d) On or before January 1 of the calendar year following the year in which the opportunity zone tax credit is initiated, and each January 1 thereafter, a county or municipal corporation that grants a tax credit under this section shall submit a report, in accordance with § 2–1257 of the State Government Article, to the Senate Budget and Taxation Committee and the House Ways and Means Committee that describes:
(1) the tax credit program; and
(2) the economic impact of the tax credits granted under this section on the opportunity zones.