Bill > HB161

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 to real property that has been converted from a retail service station to another retail use, a residential use, or a mixed retail and residential use, provided that any underground storage tanks on the property have been permanently closed according to environmental regulations. The bill also clarifies that certain businesses, such as discount stores, tobacco retailers, vape shops, and alcohol retailers, are not considered "retail use" for the purpose of this credit, and it aims to primarily help with the costs of removing underground storage tanks and remediating any associated contamination. Furthermore, the bill states that the State will reimburse counties and municipal corporations for 50% of the property tax revenue they forgo by offering this credit, and this provision will apply to all taxable years beginning after June 30, 2026.