PARRIS N. GLENDENING, Governor

Ch. 538

consultation with the Department of Business and Economic Development, to
develop and implement a Higher Education/Business Partnerships Program for
certain cooperative arrangements between businesses and the public senior higher
education institutions of the State; allowing a credit against the State income tax,
financial institution franchise tax, public service company franchise tax, and
insurance premiums tax for amounts paid pursuant to an agreement with a public
senior higher education institution of the State under the program; providing for
calculation of the credit; providing for refunds if the credit exceeds the total tax
otherwise payable for a taxable year; providing for the future codification of part of
this Act; providing for the termination of the credit after a certain taxable year;
providing for the application of this Act; and generally relating to a Higher
Education/Business Partnerships Program and a credit against the State income tax,
financial institution franchise tax, public service company franchise tax, and
insurance premiums tax for certain amounts paid pursuant to an agreement with a
public senior higher education institution under the program.

BY adding to

Article - Education

Section 10-212

Annotated Code of Maryland

(1992 Replacement Volume and 1995 Supplement)

BY adding to

Article Tax—General
Section 8-214, 8-411, and 10-707
Annotated Code of Maryland
(1988 Volume and 1995 Supplement)

BY adding to

Article 48A—Insurance Code

Section 632(e)

Annotated Code of Maryland

(1994 Replacement Volume and 1995 Supplement)

BY adding to

Article—Insurance

Section 6-114

Annotated Code of Maryland

(1995 Volume)

(As enacted by Chapter 36 of the Acts of the General Assembly of 1995)

Preamble

WHEREAS, Nationwide, public universities are increasingly diversifying beyond
their traditional educational role to become active catalysts for economic growth; and

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