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Maryland Code, Economic Development § 5-1306

Current as of January 01, 2025 | Updated by Findlaw Staff

(a) Benefits are available to political subdivisions with BRAC Revitalization and Incentive Zones as provided in this section.

(b)(1) A political subdivision that receives designation of an area as a BRAC Revitalization and Incentive Zone may receive amounts as provided in § 2-222 of the Tax--Property Article.

(2) Amounts received by a political subdivision as provided in § 2-222 of the Tax--Property Article:

(i) shall be used to pay for infrastructure improvements in the BRAC Revitalization and Incentive Zone; and

(ii) may be used for the repayment of bonds, including tax increment financing bonds, issued by the political subdivision for infrastructure improvements in the BRAC Revitalization and Incentive Zone.

(c) Political subdivisions and business entities may receive priority consideration for financial assistance for projects or operations in a BRAC Revitalization and Incentive Zone from:

(1) programs in:

(i) the Department;

(ii) the Department of Housing and Community Development; or

(iii) the Department of Planning; or

(2) any other appropriate State programs.

(d) The benefits set forth in this section are available for 10 years after the date that the first property in the BRAC Revitalization and Incentive Zone becomes a qualified property, as defined in § 2-222 of the Tax--Property Article.

(e) The Department shall adopt regulations to carry out the provisions of this subtitle and to specify criteria and procedures for the application, approval, and monitoring the eligibility for the benefits under this subtitle.

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Cite this article: FindLaw.com - Maryland Code, Economic Development § 5-1306 - last updated January 01, 2025 | https://codes.findlaw.com/md/economic-development/md-code-econ-dev-sect-5-1306/

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