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.