HARRY HUGHES, Governor                                      2507

(4)  The consideration for grants and loans from the
Maryland Industrial and Commercial Redevelopment Fund set forth
in § 462(c) of this article.

(5)  Insurance by the Enterprise Zone Venture Capital
Guarantee Fund established in § 266KK-5 of this article.

(b)  Any business entity moving into or locating within an
enterprise zone on or after the date on which the enterprise zone
is designated pursuant to § 266KK-2 of this subtitle may benefit
from the incentives and initiatives set forth in this section,
if:

(1)  The business entity meets the requirements and
conditions of the Code section applicable to each incentive or
initiative;

(2)  The business entity is certified by the
respective political subdivision that it is in compliance with
the standards submitted by the subdivision under § 266KK-2(d)(4)
of this subheading; and

(3) (i) The business entity creates new or additional
jobs or makes a capital investment in order to qualify for the
[special] property tax credit under [Article 81, § 12G-11] §
9-103 OF THE TAX - PROPERTY ARTICLE and the income tax credits
under Article 81, § 291A of the Code; and

(ii) In considering whether the business entity
qualifies for loans and grants under the Maryland Industrial Land
Act and the Maryland Industrial and Commercial Redevelopment Fund
and for insurance under the Enterprise Zone Venture Capital
Guarantee Fund, the Secretary determines that the business entity
will create new or additional jobs.

(c)  Any business entity located within an enterprise zone
before the date on which the enterprise zone is designated
pursuant to § 266KK-2 of this subtitle may not benefit from the
incentives and initiatives set forth in this section except with
respect to any capital investment or any expansion of its labor
force occurring after the date on which the enterprise zone is
designated.

(d)  Except as provided in [§§ 12G-11 and 291A of] Article
81, § 291A OF THE CODE AND § 9-103 OF THE TAX - PROPERTY ARTICLE,
the incentives and initiatives set forth in this section shall be
available for a period of 10 years following the date on which
the area is designated an enterprise zone pursuant to § 266KK-2.
No law hereinafter enacted that eliminates or reduces the
benefits available to business entities under this section shall
be applicable to any business entity located in an enterprise
zone prior to the effective date of such law.

Article 73B - Pensions