(a) The Mayor and City Council of Baltimore City or the governing body of a county or of a municipal corporation may grant, by law, a tax credit against the county or municipal corporation property tax imposed on real property on which there is located a sediment control pond or stormwater management structure that has been:
(1) required by law to be built and maintained on the property; and
(2) built and maintained in compliance with the applicable law.
(b) A county or municipal corporation may provide, by law, for:
(1) the amount of a property tax credit under this section;
(2) the duration of a property tax credit under this section;
(3) subject to subsection (a) of this section, the definition of a sediment control pond or stormwater management structure qualifying for the credit; and
(4) any other provision necessary to carry out this section.