PARRIS N. GLENDENING, Governor                               Ch. 84

(II) (3) THE TERMS USED IN THIS PARAGRAPH PARAGRAPH (2)(II)
OF TIBS SUBSECTION TO REFER TO VARIOUS TYPES OF BUSINESSES SHALL HAVE
THE SAME MEANINGS AS THOSE TERMS WHICH ARE COMMONLY DEFINED IN THE
STANDARD INDUSTRIAL CLASSIFICATION MANUAL.

(C) THE SECRETARY MAY NOT APPROVE A CREDIT UNDER THIS SECTION
UNTIL:

(1) THE DEPARTMENT HAS NOTIFIED THE LEGISLATIVE POLICY
COMMITTEE AND PROVIDED INFORMATION REGARDING THE PROPOSED CREDIT;

AND

(2) 30 DAYS HAVE ELAPSED FROM THE TIME OF NOTIFICATION.

(D) (1) A BUSINESS ENTITY MAY NOT CLAIM A CREDIT UNDER THIS
SECTION UNTIL THE BUSINESS ENTITY HAS HIRED AT LEAST 50 QUALIFIED
EMPLOYEES DURING A 24 MONTH PERIOD, REGARDLESS OF WHEN THE CREDIT WAS
APPROVED BY THE SECRETARY.

(C) (1) A BUSINESS ENTITY MAY CLAIM A TAX CREDIT IN THE AMOUNT
DETERMINED UNDER THIS SECTION IF THE BUSINESS ENTITY IS CERTIFIED AS
QUALIFYING BY THE SECRETARY.

(2)     (I) EXCEPT AS OTHERWISE PROVIDED IN THIS SECTION, A
QUALIFIED BUSINESS ENTITY IS ALLOWED A CREDIT APPROVED UNDER
SUBSECTION (A)(1) OF THIS SECTION IN AN AMOUNT EQUAL TO 2 1/2% OF THE TOTAL
WAGES PAID BY THE QUALIFIED BUSINESS ENTITY DURING THE CREDIT YEAR TO
ALL OF THE NEWLY HIRED QUALIFIED EMPLOYEES SUBJECT TO THE STATE INCOME

TAX.

(II) IN THE CASE OF A QUALIFIED BUSINESS ENTITY WHOSE
NEWLY HIRED QUALIFIED EMPLOYEES ARE WORKING IN A FACILITY LOCATED IN A
REVITALIZATION AREA, THE BUSINESS ENTITY IS ALLOWED A CREDIT APPROVED
UNDER SUBSECTION (A)(2) OF THIS SECTION IN AN AMOUNT EQUAL TO 5% OF THE
TOTAL WAGES PAID BY THE QUALIFIED BUSINESS ENTITY DURING THE CREDIT
YEAR TO ALL OF THE NEWLY HIRED QUALIFIED EMPLOYEES SUBJECT TO THE
STATE INCOME TAX.

(3)     A QUALIFIED BUSINESS ENTITY MAY NOT CLAIM A CREDIT UNDER
THIS SECTION IN EXCESS OF THE CREDIT APPROVED FOR THE QUALIFIED BUSINESS
ENTITY BY THE SECRETARY.

(3) TAX CREDITS UNDER THIS SECTION ARE FOR 1 TAXABLE YEAR
ONLY AND MAY NOT BE TAKEN AGAIN FOR THE SAME QUALIFIED POSITION IN A
SUCCEEDING TAXABLE YEAR.

(4) THE CREDIT ALLOWED TO A BUSINESS ENTITY UNDER THIS
SUBTITLE MAY NOT EXCEED $1,000,000 FOR ANY CREDIT YEAR.

(4)     (5) THE SAME CREDIT CANNOT BE APPLIED MORE THAN ONCE
AGAINST DIFFERENT TAXES BY THE SAME TAXPAYER.

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