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2005 LAWS OF MARYLAND
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Ch. 99
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(II) AN INITIAL TAX CREDIT CERTIFICATE ISSUED UNDER THIS
SUBSECTION SHALL STATE THE MAXIMUM AMOUNT OF TAX CREDIT FOR WHICH THE
QUALIFIED INVESTOR OR QUALIFIED MARYLAND VENTURE CAPITAL FIRM IS
ELIGIBLE.
(III) 1. EXCEPT AS OTHERWISE PROVIDED IN THIS
SUBPARAGRAPH, FOR ANY FISCAL YEAR, THE SECRETARY MAY NOT ISSUE INITIAL
TAX CREDIT CERTIFICATES FOR CREDIT AMOUNTS IN THE AGGREGATE TOTALING
MORE THAN THE AMOUNT APPROPRIATED TO THE RESERVE FUND FOR THAT FISCAL
YEAR IN THE STATE BUDGET AS APPROVED BY THE GENERAL ASSEMBLY.
2. IF THE AGGREGATE CREDIT AMOUNTS UNDER INITIAL
TAX CREDIT CERTIFICATES ISSUED IN A FISCAL YEAR TOTAL LESS THAN THE
AMOUNT APPROPRIATED TO THE RESERVE FUND FOR THAT FISCAL YEAR, ANY
EXCESS AMOUNT SHALL REMAIN IN THE RESERVE FUND AND MAY BE ISSUED
UNDER INITIAL TAX CREDIT CERTIFICATES FOR THE NEXT FISCAL YEAR.
3. FOR ANY FISCAL YEAR, IF FUNDS ARE TRANSFERRED
FROM THE RESERVE FUND UNDER THE AUTHORITY OF ANY PROVISION OF LAW
OTHER THAN UNDER PARAGRAPH (4) OF THIS SUBSECTION, THE MAXIMUM CREDIT
AMOUNTS IN THE AGGREGATE FOR WHICH THE SECRETARY MAY ISSUE INITIAL TAX
CREDIT CERTIFICATES SHALL BE REDUCED BY THE AMOUNT TRANSFERRED.
(IV) FOR EACH FISCAL YEAR, THE GOVERNOR SHALL INCLUDE IN
THE BUDGET BILL AN APPROPRIATION TO THE RESERVE FUND.
(V) NOTWITHSTANDING THE PROVISIONS OF § 7-213 OF THE STATE
FINANCE AND PROCUREMENT ARTICLE, THE GOVERNOR MAY NOT REDUCE AN
APPROPRIATION TO THE RESERVE FUND IN THE STATE BUDGET AS APPROVED BY
THE GENERAL ASSEMBLY.
(VI) BASED ON THE ACTUAL AMOUNT OF AN INVESTMENT MADE BY
A QUALIFIED INVESTOR OR A QUALIFIED MARYLAND VENTURE CAPITAL FIRM, THE
SECRETARY SHALL ISSUE A FINAL TAX CREDIT CERTIFICATE TO THE QUALIFIED
INVESTOR OR QUALIFIED MARYLAND VENTURE CAPITAL FIRM.
(VII) A QUALIFIED INVESTOR OR A QUALIFIED MARYLAND VENTURE
CAPITAL FIRM MAY REDEEM A FINAL TAX CREDIT CERTIFICATE FOR A TAXABLE
YEAR BEGINNING AFTER DECEMBER 31, 2006.
(4) (I) EXCEPT AS PROVIDED IN THIS PARAGRAPH, MONEY
APPROPRIATED TO THE RESERVE FUND SHALL REMAIN IN THE FUND.
(II) 1. WITHIN 15 DAYS AFTER THE END OF EACH CALENDAR
QUARTER, THE DEPARTMENT SHALL NOTIFY THE COMPTROLLER AS TO EACH FINAL
CREDIT CERTIFICATE ISSUED DURING THE QUARTER:
A. THE MAXIMUM CREDIT AMOUNT STATED IN THE INITIAL
TAX CREDIT CERTIFICATE FOR THE INVESTMENT; AND
B. THE FINAL CERTIFIED CREDIT AMOUNT FOR THE
INVESTMENT.
- 848 -
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