1. (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 against the county or municipal corporation property tax imposed on real property that is used for a hotel or residential development project that is newly constructed or involves substantial rehabilitation or revitalization of existing structures.
2. (b) To qualify for the credit under this section, a hotel shall substantially increase the assessed value of the property.

3. (c) To qualify for the credit under this section, a residential development project shall:

   1. (1) include at least 20 residential units; and
   2. (2) have at least 15% of all residential units within the development that are affordable to households earning less than 80% of the area median income.

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

   1. (1) the amount and duration of the tax credit under this section;
   2. (2) eligibility requirements for the tax credit;
   3. (3) application procedures for the tax credit; and
   4. (4) any other provision necessary to carry out this section.

Added by Acts 2024, c. 149, § 1, eff. June 1, 2024; Acts 2024, c. 150, § 1, eff. June 1, 2024.