Bill > SB767

This bill allows the Mayor and City Council of Baltimore City, or the governing body of a county or municipal corporation, to create a property tax credit for commercial buildings. This credit would apply to the local property tax imposed on a commercial building that is rented or rented-to-own at fair market value to a small business. The key requirement is that the commercial building must be located within specific designated areas, including arts and entertainment districts, Main Street Maryland communities, Baltimore Main Street areas, or any other business improvement district. The bill also grants these local governments the authority to determine the amount and duration of the tax credit, establish additional eligibility requirements, outline application procedures, and include any other necessary provisions to implement this tax credit program, which is set to take effect for taxable years beginning after June 30, 2026.