Ch. 84                                          1996 LAWS OF MARYLAND

Article 83A—Department of Business and Economic Development

SUBTITLE 11. JOB CREATION TAX CREDITS.

5-1101.

(A) IN TIBS SUBTITLE THE FOLLOWING WORDS HAVE THE MEANINGS
INDICATED.

(B) "CENTRAL FINANCIAL REAL ESTATE. OR INSURANCE SERVICES" MEANS
THE PERFORMANCE OF CENTRAL MANAGEMENT OR ADMINISTRATIVE FUNCTIONS
FOR A BUSINESS ENTITY ENGAGED IN FINANCIAL REAL ESTATE. OR INSURANCE
SERVICES. SUCH AS GENERAL MANAGEMENT. ACCOUNTING. COMPUTER
TABULATING. DATA PROCESSING. PURCHASING. TRANSPORTATION OR SHIPPING,
ADVERTISING, LEGAL FINANCIAL AND RESEARCH AND DEVELOPMENT.
(C) (1) "COMPANY HEADQUARTERS" MEANS A FACILITY WHERE THE
MAJORITY OF THE BUSINESS ENTITY'S FINANCIAL PERSONNEL LEGAL AND
PLANNING FUNCTIONS ARE HANDLED EITHER ON A REGIONAL OR NATIONAL BASIS.

(2) "COMPANY HEADQUARTERS" DOES NOT INCLUDE THE
HEADQUARTERS OF A PROFESSIONAL SPORTS ORGANIZATION.

(B) (D) "CREDIT YEAR" MEANS THE TAXABLE YEAR IN WHICH A QUALIFIED
BUSINESS ENTITY CLAIMS THE CREDIT DESCRIBED IN THIS SECTION.

(C) (E) "FULL-TIME POSITION" MEANS A POSITION REQUIRING AT LEAST 840
HOURS OF AN EMPLOYEE'S TIME DURING AT LEAST 24 WEEKS IN A 6-MONTH
PERIOD.

(D) (F) "QUALIFIED BUSINESS ENTITY" MEANS A PERSON CONDUCTING OR
OPERATING A TRADE OR BUSINESS IN MARYLAND WHO:

(1) IS ENGAGED IN AN ACTIVITY SPECIFIED IN § 5-1102(B) OF THIS
SUBTITLE; AND

(2) DURING ANY 24-MONTH PERIOD HIRES CREATES AT LEAST 50
QUALIFIED EMPLOYEES POSITIONS.

(E) (1) (G) "QUALIFIED EMPLOYEE" MEANS AN EMPLOYEE WHO IS NEWLY
HIRED INTO FILLING A QUALIFIED POSITION.

(H) (1) "QUALIFIED POSITION" MEANS A POSITION THAT:

(I) IS FULL TIME AND OF INDEFINITE DURATION;

(II) PAYS AT LEAST 150% OF THE FEDERAL MINIMUM WAGE;

(III) IS LOCATED IN MARYLAND; AND

(IV) IS NEWLY CREATED, AS A RESULT OF THE ESTABLISHMENT OR
EXPANSION OF A BUSINESS FACILITY IN A SINGLE LOCATION IN THE STATE; AND

(V) IS FILLED.

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