The Mayor and City Council of Baltimore City or the governing body of a county or municipal corporation may grant, by law, a tax credit against the county or municipal corporation property tax imposed on a commercial building that is rented or rented to own at fair market value to a small business if the commercial building is located in: an arts and entertainment district designated under Title 4, Subtitle 7 of the Economic Development Article; a Main Street Maryland community designated by the Department of Housing and Community Development; a Baltimore Main Street as designated by the Mayor and City Council of Baltimore City; or any other business improvement district as designated by the Mayor and City Council of Baltimore City or the governing body of a county or municipal corporation. 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; application procedures for the tax credit under this section; and any other provision necessary to carry out the tax credit under this section.