Md. Code Ann., Econ. Dev. § 6-1006
Redline — January 1, 2020 → current.View current text →
Current — January 1, 2021
As of January 1, 2020
(a) In this section, “investment”, “qualified investor”, and “qualified Maryland biotechnology company” have the meanings stated in § 10–725 of the Tax – General Article.
(a) In this section, “investment”, “qualified investor”, and “qualified Maryland biotechnology company” have the meanings stated in § 10–725 of the Tax – General Article.
(b) For a qualified opportunity fund that is a qualified investor in a qualified Maryland biotechnology company under § 10–725 of the Tax – General Article, if the qualified Maryland biotechnology company is located in an opportunity zone: (1) the Level 1 opportunity zone enhancement is 65% of the investment in a qualified Maryland biotechnology company in any county, not to exceed $575,000; and (2) the Level 2 opportunity zone enhancement is 75% of the investment in the qualified Maryland biotechnology company in any county, not to exceed $750,000.
(b) For a qualified opportunity fund that is a qualified investor in a qualified Maryland biotechnology company under § 10–725 of the Tax – General Article, if the qualified Maryland biotechnology company, on or after March 1, 2018, is newly established in or expands into an opportunity zone: (1) the Level 1 opportunity zone enhancement is 65% of the investment in a qualified Maryland biotechnology company in any county, not to exceed $575,000; and (2) the Level 2 opportunity zone enhancement is 75% of the investment in the qualified Maryland biotechnology company in any county, not to exceed $750,000.
(c) The enhanced tax credit percentages and maximums authorized under subsection (b) of this section are in substitution for and not in addition to the percentages and maximums under § 10–725(d) of the Tax – General Article.
(c) The enhanced tax credit percentages and maximums authorized under subsection (b) of this section are in substitution for and not in addition to the percentages and maximums under § 10–725(d) of the Tax – General Article.
Official source: Maryland General Assembly. Reproduced from public-domain Maryland statutes; confirm against the official source for the current text. Not legal advice.