S.B. 810                                                  VETOES

(3)     The consideration for loans under the Maryland Industrial Land Act set
forth in [§ 5-409] § 5-710 of this article.

(4)     The consideration for grants and loans from the Maryland Industrial and
Commercial Redevelopment Fund set forth in § [5-503(c)] 5-803(C) of this article.

(5)     Insurance by the Enterprise Zone Venture Capital Guarantee Fund
established in [§ 5-305] § 5-405 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 [§ 5-302] § 5-402 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 [§ 5-302(d)(4)]
§ 5-402(D)(4) of this subtitle; and

(3)     (i) The business entity creates new or additional jobs or makes a
capital investment in order to qualify for the property tax credit under § 9-103 of the Tax
- Property Article and the income tax credits under § 10-702 of the Tax - General
Article; 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 [§ 5-302] § 5-402 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 § 10-702 of the Tax - General Article 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 [§ 5-302] § 5-402 of this subtitle. 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.

[5-305.] 5-405.

(a)     There is an Enterprise Zone Venture Capital Guarantee Fund.

(b)     The Fund is a continuing, nonlapsing, revolving fund that consists of:
(1) Moneys appropriated by the State to the Fund;

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