Maryland Enacts Legislation Requiring Properties to be Free of Lead Contamination to Qualify for OZ Enhancement Tax Credits

Friday, May 15, 2020 - 10:45am

Maryland properties seeking to qualify for Level 1 opportunity zone (OZ) enhancement tax credits will have to meet new standards concerning lead mitigation, based on two bills that became law. S.B. 713 and H.B. 566 require OZ enhancement tax credit applicants to provide proof that lead inspections have been completed and their OZ property is free of lead contamination. The exception is if an applicant provides an affidavit stating that a qualified OZ business property is vacant, will be demolished within a year and will remain unoccupied until demolition is complete. The Maryland offers OZ enhancement credits for job creation.