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2005 LAWS OF MARYLAND
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Ch. 99
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(2) A QUALIFIED INVESTOR MAY CLAIM CREDITS AGAINST THE STATE
INCOME TAX OR THE PREMIUM TAX IMPOSED UNDER § 6-102 OF THE INSURANCE
ARTICLE IN AN AMOUNT EQUAL TO 50% OF THE INVESTMENT MADE IN A QUALIFIED
MARYLAND BIOTECHNOLOGY COMPANY.
(3) (I) IF A QUALIFIED MARYLAND VENTURE CAPITAL FIRM INVESTS
AT LEAST ONE THIRD OF THE TOTAL INVESTMENT MADE IN A INVESTMENT ROUND
IN A QUALIFIED MARYLAND BIOTECHNOLOGY COMPANY, EACH INVESTOR IN THE
INVESTMENT ROUND MAY CLAIM CREDITS AGAINST THE STATE INCOME TAX OR THE
PREMIUM TAX IMPOSED UNDER § 6-102 OF THE INSURANCE ARTICLE FOR
INVESTMENTS IN A QUALIFIED MARYLAND BIOTECHNOLOGY COMPANY AS
PROVIDED UNDER THIS SECTION.
(II) EXCEPT AS PROVIDED IN SUBPARAGRAPH (III) OF THIS
PARAGRAPH, THE INVESTORS IN AN INVESTMENT ROUND UNDER SUBPARAGRAPH (I)
OF THIS PARAGRAPH MAY BY AGREEMENT ALLOCATE AMONG THE INVESTORS THE
TOTAL CREDITS EARNED BY ALL INVESTORS.
(III) AN INVESTOR MAY NOT BE ALLOCATED AN AMOUNT OF
CREDITS THAT EXCEEDS TWICE THE AMOUNT INVESTED IN THE ROUND.
(4) THE SAME TAX CREDIT MAY NOT BE APPLIED MORE THAN ONCE
AGAINST DIFFERENT STATE TAXES.
(C) (1) AT LEAST 30 DAYS PRIOR TO MAKING AN INVESTMENT IN A
QUALIFIED MARYLAND BIOTECHNOLOGY COMPANY FOR WHICH A QUALIFIED
INVESTOR OR QUALIFIED MARYLAND VENTURE CAPITAL FIRM INTENDS TO CLAIM
CREDITS WOULD BE ELIGIBLE FOR AN INITIAL TAX CREDIT CERTIFICATE UNDER
SUBSECTION (B) OF THIS SECTION, THE QUALIFIED INVESTOR OR QUALIFIED
MARYLAND VENTURE CAPITAL FIRM SHALL SUBMIT AN APPLICATION TO THE
DEPARTMENT.
(2) IF AN INVESTMENT ROUND IS LED BY A QUALIFIED MARYLAND
VENTURE CAPITAL FIRM AS PROVIDED IN SUBSECTION (B)(3) OF THIS SECTION, THE
APPLICATION SHALL INCLUDE THE PROPOSED ALLOCATION OF THE CREDITS
AMONG THE INVESTORS IN THE INVESTMENT ROUND.
(3) (2) THE DEPARTMENT SHALL:
(I) APPROVE ALL APPLICATIONS THAT QUALIFY FOR CREDITS
UNDER THIS SECTION ON A FIRST COME FIRST SERVED BASIS; AND
(II) WITHIN 30 DAYS OF RECEIPT OF AN APPLICATION, CERTIFY THE
AMOUNT OF ANY APPROVED TAX CREDITS TO A QUALIFIED INVESTOR OR QUALIFIED
MARYLAND VENTURE CAPITAL FIRM.
(4) (3) (I) AFTER THE DEPARTMENT HAS CERTIFIED TAX CREDITS
ISSUED AN INITIAL TAX CREDIT CERTIFICATE UNDER THIS SECTION, A QUALIFIED
INVESTOR OR QUALIFIED MARYLAND VENTURE CAPITAL FIRM SHALL HAVE 44 30
DAYS TO MAKE AN INVESTMENT IN A QUALIFIED MARYLAND BIOTECHNOLOGY
COMPANY UNDER THIS SECTION.
- 846 -
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