In this Subdivision, the following words have the meanings indicated. Corrective action plan means a corrective action plan for a qualified brownfields site under Title 4 of the Environment Article, Annotated Code of Maryland. Director means the Director of the Office of Finance or the Director's designee. Increased property tax liability means the increase in the property tax levied on a qualified brownfields site resulting from an increased assessment due to voluntary cleanup of the qualified brownfields site or due to a corrective action plan for the qualified brownfields site. Increased property tax liability includes increases in property taxes levied due to an increased assessment for additional improvements to a qualified brownfields site. Increased property tax liability is calculated after deducting any other property tax credit applicable to the qualified brownfields site. Property tax means the total County real property tax levied on the qualified brownfields site annually under the Tax-Property Article. Property tax does not include parking district and urban district taxes. Qualified brownfields site has the meaning given in Section 5-301, Economic Development Article, Annotated Code of Maryland. Tax-Property Article means the Tax-Property Article of the Annotated Code of Maryland. Taxable year means the 12-months beginning July 1 and ending June 30. Voluntary cleanup means a voluntary cleanup of a qualified brownfields site under Title 7, Subtitle 5 of the Economic Development Article, Annotated Code of Maryland.

Pursuant to the authorization contained in Section 9-229, Tax-Property Article, Annotated Code of Maryland, Prince George's County elects to participate in the Brownfields Revitalization Incentive Program established under Title 5, Subtitle 3, Economic Development Article, Annotated Code of Maryland, and to provide a brownfields property tax credit for the taxable year beginning July 1, 2009.

There is a Prince George's County brownfields property tax credit against the tax on real property of a qualified brownfields site as defined in Subsection 5-301, Economic Development Article, Annotated Code of Maryland, in an amount equal to 50% of the property tax attributable to the increase in the assessment of the qualified brownfields site, including improvements added to the site during the credit period, over the assessment of the qualified brownfields site before the voluntary cleanup or corrective action plan. The credit granted by this Section applies in each of the taxable years immediately following the first revaluation of the brownfields site after completion of a voluntary cleanup or corrective action plan, for a total of 5 taxable years. An application for a tax credit under this Section must be filed with the Director prior to August 1, on forms prepared by the Director and must be accompanied by supporting information required by the Director. The Director shall notify the Director of the Prince George's County Department of Environmental Resources and the President of the Prince George's Economic Development Corporation before acting on an application.

Pursuant to the requirement contained in Subsection 9-229(c)(2), Tax-Property Article, Annotated Code of Maryland, for each year of the credit period, Prince George's County shall contribute to the Maryland Economic Development Assistance Fund under Section 5-313(8), Economic Development Article, Annotated Code of Maryland, an amount equal to 30% of the property tax attributable to the increase in the assessment of the qualified brownfields site during the credit period, over the assessment of the qualified brownfields site before the voluntary cleanup or corrective action plan.

A property tax credit under this Section will be terminated and the applicant will not be eligible if: The recipient of the property tax credit withdraws from the voluntary cleanup program under Section 7-512 (a) or (b) of the Environment Article of the Annotated Code of Maryland; or The Maryland Department of the Environment withdraws approval of a Response Action Plan or a Certificate of Completion under Section 7-512(e) and (f) of the Environment Article of the Annotated Code of Maryland.