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ROBERT L. EHRLICH, JR., Governor Ch. 99
3. 33%, IF THE DISPOSITION OCCURS MORE THAN 1 YEAR
BUT NOT MORE THAN 2 YEARS AFTER THE CLOSE OF THE TAXABLE YEAR FOR WHICH
THE TAX CREDIT IS APPROVED.
(3) THE QUALIFIED INVESTOR OR PARTNER IN A QUALIFIED MARYLAND
VENTURE CAPITAL FIRM THAT CLAIMED THE CREDIT SHALL PAY THE AMOUNT TO BE
RECAPTURED AS DETERMINED UNDER PARAGRAPH (2) OF THIS SUBSECTION AS
TAXES PAYABLE TO THE STATE FOR THE TAXABLE YEAR IN WHICH THE DISPOSITION
DESCRIBED UNDER PARAGRAPH (1) OF THIS SUBSECTION OCCURS.
(K) (G) (1) THE DEPARTMENT MAY REVOKE ITS CERTIFICATION OF AN
APPROVED CREDIT UNDER THIS SECTION IF ANY REPRESENTATION IN CONNECTION
WITH THE APPLICATION FOR THE CERTIFICATION PROVES TO HAVE BEEN FALSE
WHEN MADE.
(2) THE REVOCATION MAY BE IN FULL OR IN PART AS THE DEPARTMENT
MAY DETERMINE AND, SUBJECT TO PARAGRAPH (3) OF THIS SUBSECTION, SHALL BE
COMMUNICATED TO THE QUALIFIED INVESTOR, THE QUALIFIED MARYLAND
VENTURE CAPITAL FIRM, AND THE COMPTROLLER
(3) THE QUALIFIED INVESTOR OR A PARTNER IN A QUALIFIED
MARYLAND VENTURE CAPITAL FIRM SHALL HAVE AN OPPORTUNITY TO APPEAL ANY
REVOCATION TO THE DEPARTMENT PRIOR TO NOTIFICATION OF THE COMPTROLLER.
(4) THE COMPTROLLER MAY MAKE AN ASSESSMENT AGAINST THE
QUALIFIED INVESTOR OR A PARTNER IN A QUALIFIED MARYLAND VENTURE CAPITAL
FIRM TO RECAPTURE ANY AMOUNT OF TAX CREDIT THAT THE QUALIFIED INVESTOR
OR PARTNER IN A QUALIFIED MARYLAND VENTURE CAPITAL FIRM HAS ALREADY
CLAIMED.
(L) (H) (1) ON OR BEFORE JANUARY 10 OF EACH YEAR, THE DEPARTMENT
SHALL REPORT TO THE GOVERNOR AND, SUBJECT TO § 2-1246 OF THE STATE
GOVERNMENT ARTICLE, TO THE GENERAL ASSEMBLY, ON THE CREDITS INITIAL TAX
CREDIT CERTIFICATES AWARDED UNDER THIS SECTION FOR THE PRIOR CALENDAR
YEAR
(2) THE REPORT REQUIRED UNDER PARAGRAPH (1) OF THIS
SUBSECTION SHALL INCLUDE FOR EACH CREDIT INITIAL TAX CREDIT CERTIFICATE
AWARDED:
(I) THE NAME OF THE QUALIFIED INVESTOR OR THE NAME OF THE
QUALIFIED MARYLAND VENTURE CAPITAL FIRM AND THE PARTNERS IN THE
QUALIFIED MARYLAND VENTURE CAPITAL FIRM AND THE AMOUNT OF CREDIT
AWARDED OR ALLOCATED TO EACH INVESTOR OR FIRM;
(II) THE NAME AND ADDRESS OF THE QUALIFIED MARYLAND
BIOTECHNOLOGY COMPANY THAT RECEIVED THE INVESTMENT GIVING RISE TO THE
CREDIT UNDER THIS SECTION AND THE COUNTY WHERE THE QUALIFIED MARYLAND
BIOTECHNOLOGY COMPANY IS LOCATED; AND
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- 851 -
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