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ROBERT L. EHRLICH, JR., Governor Ch. 99
2. ON NOTIFICATION THAT AN INVESTMENT HAS BEEN
CERTIFIED, THE COMPTROLLER SHALL TRANSFER AN AMOUNT EQUAL TO THE
CREDIT AMOUNT STATED IN THE INITIAL TAX CREDIT CERTIFICATE FOR THE
INVESTMENT FROM THE RESERVE FUND TO THE GENERAL FUND.
(D) (1) (I) THE TOTAL AMOUNT OF CREDITS APPROVED BY THE
DEPARTMENT UNDER SUBSECTION (B) OF THIS SECTION MAY NOT EXCEED
$12,000,000 FOR ANY CALENDAR YEAR
(II) THE DEPARTMENT MAY NOT APPROVE CREDITS UNDER THIS
SECTION FOR AGGREGATE INVESTMENTS IN ONE QUALIFIED MARYLAND
BIOTECHNOLOGY COMPANY THAT WOULD REPRESENT MORE THAN 10% OF THE
TOTAL CREDITS APPROVED BY THE DEPARTMENT IN A CALENDAR YEAR.
(2) THE TOTAL AMOUNT OF CREDITS APPROVED BY THE DEPARTMENT
UNDER SUBSECTION (B) OF THIS SECTION MAY NOT EXCEED;
(I) 818,000,000 FOR ALL INVESTMENTS MADE BY QUALIFIED
INVESTORS; AND
(II) $42,00,000 FOR ALL INVESTMENTS MADE IN INVESTMENT
ROUNDS LED BY QUALIFIED MARYLAND VENTURE CAPITAL FIRMS.
(3) ONCE THE TOTAL AMOUNT OF CREDITS APPLIED FOR UNDER
SUBSECTION (B) OF THIS SECTION EXCEEDS THE AMOUNTS SPECIFIED UNDER
PARAGRAPH (2) OF THIS SUBSECTION, THE DEPARTMENT MAY NOT APPROVE ANY
ADDITIONAL CREDITS UNDER THIS SECTION.
(E) A TAX CREDIT UNDER THIS SECTION MAY BE CLAIMED IN THE THIRD
TAXABLE YEAR AFTER THE TAXABLE YEAR IN WHICH THE INVESTMENT WAS MADE.
(F) NOTWITHSTANDING ANY OTHER PROVISIONS OF THIS SECTION, THE
TOTAL AMOUNT OF CREDITS THAT MAY BE CLAIMED BY ANY INDIVIDUAL OR
CORPORATION FOR ANY TAXABLE YEAR MAY NOT EXCEED;
(1) $200,000 ON A STATE INDIVIDUAL INCOME TAX RETURN; OR
(2) $500,000 ON A STATE CORPORATE INCOME TAX RETURN.
(G) TO CLAIM THE APPROVED CREDIT ALLOWED UNDER THIS SECTION, A
QUALIFIED INVESTOR OR PARTNER IN A QUALIFIED MARYLAND VENTURE CAPITAL
FIRM SHALL;
(1) FILE AN AMENDED STATE INCOME TAX RETURN FOR THE TAXABLE
YEAR IN WHICH THE INVESTMENT WAS MADE; AND
(2) ATTACH A COPY OF THE DEPARTMENT'S CERTIFICATION OF THE
APPROVED CREDIT AMOUNT TO THE AMENDED STATE INCOME TAX RETURN.
(H) IF THE CREDIT ALLOWED UNDER THIS SECTION IN ANY TAXABLE YEAR
EXCEEDS THE STATE TAX LIABILITY FOR THAT TAXABLE YEAR, A QUALIFIED
INVESTOR OR A PARTNER IN A QUALIFIED MARYLAND VENTURE CAPITAL FIRM MAY
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