Bill > HB341

This bill allows the Mayor and City Council of Baltimore City or the governing bodies of counties and municipal corporations to offer a property tax credit for real estate that has been converted from a retail service station to another retail use, a residential use, or a mixed retail and residential use. The bill provides local governments flexibility to determine the specific details of the tax credit, including its amount, duration, and eligibility criteria. The primary intent of the credit is to help offset costs associated with removing underground storage tanks and remediating any contamination from those tanks. Additionally, the state will reimburse the local government for 50% of the property tax revenue that would have been collected without the credit, as specified in the state budget. The bill defines some terms, such as excluding "discount stores" from qualifying as a retail use, and will take effect on June 1, 2025, applying to taxable years beginning after June 30, 2025. The goal appears to be encouraging the redevelopment of former service station sites by providing financial incentives for property owners to convert these properties to new, potentially more economically or residentially beneficial uses.

Budget and Finance

https://mgaleg.maryland.gov/mgawebsite/Legislation/Details/HB0341?ys=2025RS