Bill > SB58

This bill allows the Mayor and City Council of Baltimore City or the governing body of a county or municipal corporation to grant a property tax credit on real property if its use has been converted from a retail service station to another retail use, a residential use, or a mixed retail and residential use. Importantly, this tax credit can only be granted if any underground storage tanks on the property, or that were formerly on the property, have been permanently closed according to regulations set by the Department of the Environment (DOE), which is the state agency responsible for environmental protection. The bill also clarifies that certain businesses, such as discount stores, self-service storage facilities, and retailers of cigarettes, tobacco products, electronic smoking devices, or alcoholic beverages, are no longer considered "retail uses" for the purpose of this conversion. The intent of this tax credit is primarily to help cover the costs associated with removing underground storage tanks and cleaning up any contamination they may have caused. The local governing bodies can also establish the amount and duration of the credit, along with other eligibility requirements and application procedures.