PARRIS N. GLENDENING, Governor

Ch. 84

(2) "QUALIFIED EMPLOYEE POSITION" DOES NOT INCLUDE AN
EMPLOYEE WHO FILLS A POSITION THAT IS:

(I) CREATED WHEN AN EMPLOYMENT FUNCTION IS SHIFTED
FROM AN EXISTING BUSINESS FACILITY OF THE BUSINESS ENTITY LOCATED IN
MARYLAND; OR TO ANOTHER BUSINESS FACILITY OF THE SAME BUSINESS ENTITY IF
THE POSITION DOES NOT REPRESENT A NET NEW JOB IN THE STATE;

(II) CREATED THROUGH A CHANGE IN OWNERSHIP OF A TRADE
OR BUSINESS;

(III) CREATED THROUGH A CONSOLIDATION, MERGER, OR
RESTRUCTURING OF A BUSINESS ENTITY IF THE POSITION DOES NOT REPRESENT A
NET NEW JOB IN THE STATE;

(IV) CREATED WHEN AN EMPLOYMENT FUNCTION IS
CONTRACTUALLY SHIFTED FROM AN EXISTING BUSINESS ENTITY LOCATED IN THE
STATE TO ANOTHER BUSINESS ENTITY IF THE POSITION DOES NOT REPRESENT A
NET NEW JOB IN THE STATE; OR

(V) FILLED FOR A PERIOD OF LESS THAN 6 12 MONTHS.

(F) (I) "REVITALIZATION AREA" MEANS A GEOGRAPHICALLY DEFINED
AREA OF A LOCAL JURISDICTION WHICH IS DESIGNATED IN ACCORDANCE WITH
ARTICLE 83B, § 2-1303(B) OF THE CODE OR WHICH IS DETERMINED TO BE ELIGIBLE
FOR ENTERPRISE DESIGNATION IN ACCORDANCE WITH ARTICLE 83 A, § 5-403 OF THE
CODE.

(J) "SECRETARY" MEANS THE SECRETARY OF BUSINESS AND ECONOMIC
DEVELOPMENT OR THE SECRETARY'S DESIGNER

5-1102.

(A) (1) THE SECRETARY MAY APPROVE A TAX CREDIT FOR A QUALIFIED
BUSINESS ENTITY THAT EQUALS 50% OF THE ESTIMATED NEW REVENUE TO THE
STATE FROM THE STATE INCOME TAX PAYABLE BY THE NEWLY HIRED QUALIFIED
EMPLOYEES DURING A TAXABLE YEAR.

(2)      IN THE CASE OF A BUSINESS ENTITY WHOSE NEWLY HIRED
QUALIFIED EMPLOYEES ARE WORKING IN A FACILITY LOCATED IN A
REVITALIZATION AREA, THE SECRETARY MAY APPROVE A TAX CREDIT THAT
EQUALS 100% OF THE ESTIMATED NEW REVENUE TO THE STATE DERIVED FROM
THE STATE INCOME TAX PAYABLE BY THE NEWLY HIRED QUALIFIED EMPLOYEES.

(3)      THE SECRETARY MAY APPROVE THE CREDIT SPECIFIED IN THIS
SUBSECTION AS PART OF AN AGREEMENT THAT THE BUSINESS ENTITY WILL HIRE
AT LEAST 50 QUALIFIED EMPLOYEES IN THE IMMEDIATE FUTURE.

(4)      THE AGGREGATE TOTAL OF THE CREDITS THAT THE SECRETARY
MAY APPROVE FOR ALL QUALIFIED BUSINESS ENTITIES UNDER THIS SECTION MAY
NOT EXCEED $10,000,000 IN ANY FISCAL YEAR.

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