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 for up to 50% of the county or municipal corporation property tax imposed on personal property that is: not operating property of a railroad or public utility; and owned or leased by a business entity that: has been in operation for no more than 2 years; or has no more than 15 employees. The Mayor and City Council of Baltimore City or the governing body of a county or municipal corporation may provide, by law, for: the amount and duration of the tax credit under this section; additional eligibility criteria for the tax credit under this section; regulations and procedures for the application and uniform processing of requests for the tax credit; and any other provision necessary to carry out the tax credit under this section.