Local governments may grant a Maryland property tax credit on the eligible assessment of taxes imposed on qualified opportunity zone business property.
What property is eligible?
To qualify for the credit, property must be:
- qualified opportunity zone business property;
- that was acquired by a qualified opportunity fund; and
- was vacant for 12 months before acquired.
“Qualified opportunity zone business property” and “qualified opportunity fund” have the same meaning as IRC Sec. 1400Z-2.
How much is the credit?
Local governments determine the amount and duration of the credit. The credit is based on the eligible assessment of the property. The eligible assessment is the difference between the base year value and the actual value
The base year is immediately prior to the tax year in which the credit is granted.
Ch. 211 (S.B. 581), Laws 2019, effective for tax years beginning after June 30, 2019.