Md. Code Ann., Econ. Dev. § 10-482
Redline — January 1, 2019 → current.View current text →
Current — January 1, 2022
As of January 1, 2019
(a) The Authority shall obtain the services of an independent third party to conduct a bidding process in order to secure purchasers for the Program as provided in this section.
(b) Using the procedures adopted by the independent third party, each potential purchaser shall make a timely and irrevocable offer, subject only to the Corporation’s issuance to the purchaser of tax credit certificates, to make specified contributions of designated capital to the Corporation on the dates specified in § 10–483(a) of this subtitle.
(c) The offer shall include:
(1) the requested amount of tax credits, which may not be less than $1,000,000;
(2) the potential purchaser’s specified contribution for each tax credit dollar requested, which may not be less than the greater of:
(i) 70% of the requested dollar amount of tax credits; or
(ii) the percentage of the requested dollar amount of tax credits that the Secretary, on the recommendation of the independent third party, determines to be consistent with market conditions as of the offer date; and
(3) any other information the independent third party requires.
(d) (1) The deadline for submission of applications for tax credits is February 1, 2012.
(2) Each potential purchaser shall receive a written notice from the Corporation not later than May 1, 2012, indicating whether or not it has been approved as a purchaser and, if so, the amount of tax credits allocated.
(e) The maximum amount of premium tax credits that may be allocated under this subtitle for all years in which premium tax credits are allocated is $100,000,000.
(a) There is an Inclusion Fund in the Corporation.
(b) The purpose of the Fund is to provide capital investment in technology–based businesses that:
(1) would qualify for investment under the Builder Fund, as provided in regulations adopted by the Corporation;
(2) are at least 30% owned by individuals who demonstrate economic disadvantage; and
(3) are controlled and managed for at least 1 year after the time of investment by an individual or individuals who demonstrate economic disadvantage.
(c) The Corporation shall administer the Fund.
(d) (1) The Fund is a special, nonlapsing fund that is not subject to § 7–302 of the State Finance and Procurement Article.
(2) The State Treasurer shall hold the Fund separately, and the Comptroller shall account for the Fund.
(e) The Fund consists of:
(1) money appropriated in the State budget to the Fund;
(2) interest earnings of the Fund; and
(3) any other money from any other source accepted for the benefit of the Fund.
(f) The Fund may be used only:
(1) for the purposes described in subsection (b) of this section; and
(2) to pay the costs necessary to administer the Fund.
(g) (1) The State Treasurer shall invest the money of the Fund in the same manner as other State money may be invested.
(2) Any investment earnings of the Fund shall be credited to the Fund.
Official source: Maryland General Assembly. Reproduced from public-domain Maryland statutes; confirm against the official source for the current text. Not legal advice.