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2005 LAWS OF MARYLAND
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Ch. 99
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Article—Insurance
Section 6-121
Annotated Code of Maryland
(2003 Replacement Volume and 2001 Supplement)
SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That the Laws of Maryland read as follows:
Article - Tax - General
10-725.
(A) (1) IN THIS SECTION THE FOLLOWING WORDS HAVE THE MEANINGS
INDICATED.
(2) "BIOTECHNOLOGY COMPANY" MEANS A COMPANY ORGANIZED FOR
PROFIT THAT IS PRIMARILY ENGAGED IN THE RESEARCH, DEVELOPMENT, AND OR
COMMERCIALIZATION OF INNOVATIVE AND PROPRIETARY TECHNOLOGY THAT
COMPRISES, INTERACTS WITH, OR ANALYZES BIOLOGICAL MATERIAL INCLUDING
BIOMOLECULES (DNA, RNA, OR PROTEIN), CELLS, TISSUES, OR ORGANS.
(3) "DEPARTMENT" MEANS THE DEPARTMENT OF BUSINESS AND
ECONOMIC DEVELOPMENT.
(4) (I) "INVESTMENT" MEANS THE CONTRIBUTION OF PROPERTY, AT A
RISK OF LOSS, TO A QUALIFIED COMPANY IN EXCHANGE FOR STOCK, A PARTNERSHIP
INTEREST, OR OTHER OWNERSHIP INTEREST IN THE QUALIFIED COMPANY.
(II) FOR PURPOSES OF THIS SECTION, AN INVESTMENT IS AT RISK
OF LOSS WHEN ITS REPAYMENT ENTIRELY DEPENDS UPON THE SUCCESS OF THE
BUSINESS OPERATIONS OF THE QUALIFIED COMPANY.
(5) "INVESTMENT ROUND" MEANS THE OFFERING OF INVESTMENT IN A
BIOTECHNOLOGY COMPANY TO EXTERNAL INVESTORS.
(6) "INVESTOR" DOES NOT INCLUDE:
(I) AN INDIVIDUAL OR CORPORATION THAT, DIRECTLY OR
INDIRECTLY, HOLDS OR CONTROLS AN OWNERSHIP INTEREST OF 10% OR MORE IN A
QUALIFIED MARYLAND BIOTECHNOLOGY COMPANY; OR
(II) A PERSON RELATED, WITHIN THE MEANING OF § 267(B) OF THE
INTERNAL REVENUE CODE, TO AN INDIVIDUAL OR CORPORATION DESCRIBED IN
ITEM (I) OF THIS PARAGRAPH.
(7) (5) "QUALIFIED INVESTOR" MEANS AN INVESTOR THAT IS:
(I) AN INDIVIDUAL THAT INVESTS AT LEAST $25,000 IN A
QUALIFIED MARYLAND BIOTECHNOLOGY COMPANY; OR
(II) A CORPORATION THAT INVESTS AT LEAST $250,000 IN A
QUALIFIED MARYLAND BIOTECHNOLOGY COMPANY.
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