In accordance with the provisions of Section 9-247 of the Tax-Property Article of the Annotated Code of Maryland, there is a tax credit against the property tax imposed on real property that is used as the premises for a publicly supported business incubator program. As used in this Section, "business incubator" means a program in which units of space are leased by multiple early-stage businesses that share physical common space, administrative services and equipment, business management training, mentoring, and technical support. To qualify for a real property tax credit under this section, a "publicly supported" business incubator program shall mean a State, a County, a municipal corporation, an organization exempt for taxation under §501(c)(3) of the Internal Revenue Code, a public institution of higher education, or an agency or instrumentality of the State, a County, a municipal corporation, or a public institution of higher education that: owns, controls, or leases the space that is used as a business incubator; or provides at least 50% of the total funding received by the business incubator from all sources, not including rents received from incubator tenant firms; or is represented on the governance board that authorizes the annual budget of the business incubator. The tax credit under this section against the property tax imposed on real property is only available when it meets each of the following conditions: The portion of the property upon which the tax credit is based is leased, occupied and used exclusively by the business incubator program; The business incubator program is contractually liable to the owner for property taxes; and The owner of the property eligible for a tax credit pursuant to this section is contractually obligated to reduce, by the amount of the tax credit, the amount of taxes for which the business incubator program is otherwise contractually liable. For the first tax year in which the business incubator program applies, the tax credit shall be in an amount equal to one hundred percent (100%) of the amount of the County property tax imposed on the real property as determined by the Supervisor of Assessment. The tax credit shall be reduced to eighty percent (80%) in the second taxable year, sixty percent (60%) in the third taxable year, forty percent (40%) in the fourth taxable year, twenty percent (20%) in the fifth taxable year and zero percent (0%) each taxable year thereafter. If the subject real property is leased to an eligible entity or business incubator program, the lessor shall reduce by the amount of the tax credit computed under this Section the taxes for which the eligible business entity or business incubator program is contractually liable under a lease agreement. A property tax credit granted hereunder may not be granted for more than five (5) consecutive years. A real property tax credit shall not be granted under this Section if the real property have otherwise been granted a tax credit or exemption under the Tax-Property Article, Annotated Code of Maryland or the County Code for the taxable year; Application for the tax credit established herein shall be made under oath on an application provided by the Director of Finance. The application shall provide a legal description of the property, proof of a properly issued use and occupancy permit applicable to the eligible program, and such other information or documentation as the Director may require to determine whether the applicant can qualify for the tax credit. During the fiscal year, the total of all tax credits granted under this section shall not exceed $250,000. Tax credits shall be granted in the order in which the Office of Finance receives the complete application under subsection (f) of the section. If a complete application granted would cause the limit set in this subsection to be exceeded, the tax credit shall be granted in the next fiscal year or years and in the order received. The Director of Finance shall determine the eligibility of the taxpayer for the tax credit and notify the State Department of Assessments and Taxation that a taxpayer has been approved for the property tax credit and the assessed value of the premises. The Director of Finance shall verify that the taxpayer continues to satisfy the applicable thresholds to qualify for the property tax credit by requiring submission of reports by the taxpayer, as the Director deems necessary.