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ROBERT L. EHRLICH, JR., Governor Ch. 99
(II) WITHIN 5 10 DAYS OF MAKING AN INVESTMENT IN A QUALIFIED
MARYLAND BIOTECHNOLOGY COMPANY, A QUALIFIED INVESTOR OR QUALIFIED
MARYLAND VENTURE CAPITAL FIRM SHALL PROVIDE NOTICE TO THE DEPARTMENT.
(III) THE NOTICE TO THE DEPARTMENT SHALL INCLUDE THE
PROPOSED ALLOCATION OF CREDITS AMONG INVESTORS IN AN INVESTMENT ROUND
LED BY A QUALIFIED MARYLAND VENTURE CAPITAL FIRM AS PROVIDED IN
SUBSECTION (B)(3) OF THIS SECTION.
(IV) (III) IF A QUALIFIED INVESTOR OR QUALIFIED MARYLAND
VENTURE CAPITAL FIRM DOES NOT PROVIDE THE NOTICE REQUIRED IN
SUBPARAGRAPH (II) OF THIS PARAGRAPH WITHIN 20 30 DAYS AFTER THE
CERTIFICATION OF TAX CREDITS ISSUANCE OF AN INITIAL TAX CREDIT CERTIFICATE
UNDER THIS SECTION, THE DEPARTMENT SHALL RESCIND THE CERTIFICATION
CERTIFICATE.
(D) (1) (I) THE TAX CREDIT ALLOWED IN AN INITIAL TAX CREDIT
CERTIFICATE ISSUED UNDER THIS SECTION IS 50% OF THE INVESTMENT IN A
QUALIFIED MARYLAND BIOTECHNOLOGY COMPANY, NOT TO EXCEED:
1. (I) 50,000 FOR A QUALIFIED INVESTOR THAT IS AN
INDIVIDUAL;
2. (II) $250,000 FOR A QUALIFIED INVESTOR THAT IS A
CORPORATION; OR
3. (III) $250,000 FOR A QUALIFIED MARYLAND VENTURE
CAPITAL FIRM.
(2) IF THE TAX CREDIT ALLOWED UNDER THIS SECTION IN ANY
TAXABLE YEAR EXCEEDS THE TOTAL TAX OTHERWISE PAYABLE BY THE QUALIFIED
INVESTOR OR QUALIFIED MARYLAND VENTURE CAPITAL FIRM FOR THAT TAXABLE
YEAR, THE QUALIFIED INVESTOR OR QUALIFIED MARYLAND VENTURE CAPITAL
FIRM MAY CLAIM A REFUND IN THE AMOUNT OF THE EXCESS.
(E) (1) IN THIS SUBSECTION, "RESERVE FUND" MEANS THE MARYLAND
BIOTECHNOLOGY INVESTMENT TAX CREDIT RESERVE FUND ESTABLISHED UNDER
PARAGRAPH (2) OF THIS SUBSECTION.
(2) (I) THERE IS A BIOTECHNOLOGY INVESTMENT TAX CREDIT
RESERVE FUND WHICH IS A SPECIAL CONTINUING, NONLAPSING FUND THAT IS NOT
SUBJECT TO § 7-302 OF THE STATE FINANCE AND PROCUREMENT ARTICLE.
(II) THE MONEY IN THE FUND SHALL BE INVESTED AND
REINVESTED BY THE TREASURER, AND INTEREST AND EARNINGS SHALL BE
CREDITED TO THE GENERAL FUND.
(3) (I) SUBJECT TO THE PROVISIONS OF THIS SUBSECTION, THE
SECRETARY SHALL ISSUE AN INITIAL TAX CREDIT CERTIFICATE FOR EACH
APPROVED INVESTMENT IN A QUALIFIED MARYLAND BIOTECHNOLOGY COMPANY
ELIGIBLE FOR A TAX CREDIT.
- 847 -
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