(a) (1) Subject to paragraph (2) of this subsection, in this section, “high performance building” means a building that:

(i) achieves at least a silver rating according to the U.S. Green Building Council’s LEED (Leadership in Energy and Environmental Design) green building rating system as adopted by the Maryland Green Building Council;

(ii) is a residential building that achieves at least a silver rating according to the International Code Council’s 700 National Green Building Standards;

(iii) achieves at least a comparable rating according to any other appropriate rating system; or

(iv) meets comparable green building guidelines or standards approved by the State.

(2) For purposes of paragraph (1) of this subsection, under LEED Credit MR7 or a similar criterion in a comparable rating system, credit may be awarded for the use of wood-based materials derived from all credible sources, including the Sustainable Forestry Initiative Program, the Canadian Standards Association, the American Tree Farm System, and other credible certified sources programs.

(b) 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 a high performance building.

(c) 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) the criteria and qualifications necessary to receive the credit; and

(4) any other provision necessary to carry out this section.