Bill > SB344

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 primary intent is to help property owners offset costs associated with removing underground storage tanks and remediating any related contamination. Local governments can determine the specific details of the tax credit, including its amount, duration, eligibility criteria, and application procedures. Importantly, the bill modifies the state's financial commitment, changing from a mandated reimbursement to a discretionary payment where the state may (rather than shall) reimburse the local jurisdiction up to 50% of the property tax revenue that would have been collected without the credit. The bill is set to take effect on June 1, 2025, and will apply to taxable years beginning after June 30, 2025, providing local governments with a new tool to encourage redevelopment of former service station properties.

Budget and Finance

https://mgaleg.maryland.gov/mgawebsite/Legislation/Details/SB0344?ys=2025RS