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, residential, or mixed-use purpose, with the intent that this credit primarily helps cover the costs of removing underground storage tanks and cleaning up any contamination they caused. The bill clarifies that certain businesses, such as discount stores, self-service storage facilities, and retailers of tobacco products or alcoholic beverages, are no longer considered "retail use" for the purpose of this conversion, and it mandates that underground storage tanks on the property must be permanently closed according to environmental regulations before the tax credit can be granted. Local governments can establish the amount and duration of the credit, along with other eligibility requirements and application procedures, and this provision will take effect on June 1, 2026, applying to taxable years beginning after June 30, 2026.