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ROBERT L. EHRLICH, JR., Governor Ch. 99
(8) (6) "QUALIFIED MARYLAND BIOTECHNOLOGY COMPANY" MEANS A
BIOTECHNOLOGY COMPANY THAT:
(I) HAS ITS PRINCIPAL PLACE HEADQUARTERS AND BASE OF
OPERATIONS IN THIS STATE;
(II) HAS FEWER THAN 100 25 50 FULL-TIME EMPLOYEES;
(III) HAS BEEN IN ACTIVE BUSINESS FOR LESS NO LONGER THAN 10
5 10 YEARS; AND
(IV) 1. HAS BEEN CERTIFIED AS A BIOTECHNOLOGY COMPANY
BY THE DIRECTOR OF THE MARYLAND TECHNOLOGY DEVELOPMENT CORPORATION
DEPARTMENT;
2. HAS RECEIVED FUNDING IN THE PREVIOUS 34 MONTHS
FROM THE DEPARTMENT OF BUSINESS AND ECONOMIC DEVELOPMENT, THE
MARYLAND TECHNOLOGY DEVELOPMENT CORPORATION, MDBIO, INC., OR THE
MARYLAND INDUSTRIAL PARTNERSHIPS PROGRAM; OR
3. HAS BEEN A TENANT OF A STATE FUNDED INCUBATOR
FACILITY WITHIN THE PREVIOUS 24 MONTHS.
(9) (7) "QUALIFIED MARYLAND VENTURE CAPITAL FIRM" MEANS AN
ENTITY THAT:
(I) IS ORGANIZED FOR THE PURPOSE OF INVESTING FUNDS IN
PRIVATELY HELD COMPANIES ENGAGED IN THE RESEARCH, DEVELOPMENT, AN© OR
COMMERCIALIZATION OF INNOVATIVE AND PROPRIETARY TECHNOLOGY;
(II) HAS AT LEAST TWO PRINCIPALS THAT EACH HAVE AT LEAST 3 5
YEARS OF VENTURE CAPITAL EXPERIENCE:
(III) HAS AT LEAST 1 YEAR OF EXPERIENCE INVESTING IN
BIOTECHNOLOGY OR BIOPHARMACEUTICAL COMPANIES; AND
(IV) HAS ITS PRINCIPAL PLACE OF OPERATIONS IN THIS STATE}
(V) HAS AT LEAST ONE PRINCIPAL THAT HAS INVESTED AT LEAST
$5,000,000 IN BIOTECHNOLOGY COMPANIES IN THE STATE AT THE TIME OF
APPLICATION FOR THE CREDIT UNDER THIS SECTION.
(B) (1) SUBJECT TO PARAGRAPHS (2) THROUGH (4) OF THIS SUBSECTION
SUBSECTIONS (D) AND (E) OF THIS SECTION, A QUALIFIED INVESTOR; OR A
QUALIFIED MARYLAND VENTURE CAPITAL FIRM, OR THE PARTNERS OF A QUALIFIED
MARYLAND VENTURE CAPITAL FIRM MAY CLAIM CREDITS A CREDIT AGAINST THE
STATE INCOME TAX IN AN AMOUNT EQUAL TO THE FINAL CREDIT CERTIFICATE
APPROVED BY THE SECRETARY OR THE PREMIUM TAX IMPOSED UNDER § 6-102 OF
THE INSURANCE ARTICLE FOR INVESTMENTS AN INVESTMENT IN A QUALIFIED
MARYLAND BIOTECHNOLOGY COMPANY AS PROVIDED UNDER THIS SECTION.
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