New or small business property.

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    (a)    The Mayor and City Council of Baltimore City or the governing body of a county or municipal corporation may grant, by law, a property tax credit for up to 50% of the county or municipal corporation property tax imposed on personal property that is:

        (1)    not operating property of a railroad or public utility; and

        (2)    owned or leased by a business entity that:

            (i)    has been in operation for no more than 2 years; or

            (ii)    has no more than 15 employees.

    (b)    The Mayor and City Council of Baltimore City or the governing body of a county or municipal corporation may provide, by law, for:

        (1)    the amount and duration of the tax credit under this section;

        (2)    additional eligibility criteria for the tax credit under this section;

        (3)    regulations and procedures for the application and uniform processing of requests for the tax credit; and

        (4)    any other provision necessary to carry out the tax credit under this section.


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