S.B. 558

VETOES

(II) WHO WAS PREVIOUSLY EMPLOYED IN THE SAME JOB
FUNCTION IN MARYLAND BY A RELATED PARTY;

(III) WHOSE JOB FUNCTION WAS PREVIOUSLY PERFORMED AT A
DIFFERENT LOCATION IN MARYLAND BY AN EMPLOYEE OF THE BUSINESS ENTITY
OR A RELATED PARTY; OR

(IV) WHOSE JOB FUNCTION PREVIOUSLY QUALIFIED FOR A CREDIT
UNDER THIS SECTION AT A DIFFERENT MAJOR BUSINESS FACILITY OF THE BUSINESS
ENTITY OR A RELATED PARTY.

(E) (1) FOR ANY OF THE 5 3 TAXABLE YEARS SUCCEEDING THE TAXABLE
YEAR IN WHICH THE MAJOR BUSINESS FACILITY COMMENCED OR EXPANDED
OPERATIONS, SUBJECT TO PARAGRAPH (2) OF THIS SUBSECTION, IF THE AVERAGE
NUMBER OF QUALIFIED FULL-TIME EMPLOYEES AT A MAJOR BUSINESS FACILITY
FOR WHICH THE CREDIT UNDER THIS SECTION HAS BEEN EARNED FALLS MORE
THAN 5% BELOW 100 THE AVERAGE NUMBER OF QUALIFIED POSITIONS CREATED
DURING THE CREDIT YEAR ON WHICH THE CREDIT WAS COMPUTED, ALL CREDITS
EARNED WITH RESPECT TO THE MAJOR BUSINESS FACILITY SHALL BE
RECAPTURED.

(2) FOR A BUSINESS ENTITY THAT QUALIFIED FOR THE CREDIT BASED
ON THE CREATION OF NEW JOBS WITH AN AGGREGATE PAYROLL GREATER THAN
THE THRESHOLD PAYROLL AS DETERMINED BY THE DEPARTMENT, FOR ANY OF
THE 5 3 TAXABLE YEARS SUCCEEDING THE TAXABLE YEAR IN WHICH THE MAJOR
BUSINESS FACILITY COMMENCED OR EXPANDED OPERATIONS, IF THE AVERAGE
PAYROLL FOR QUALIFIED FULL-TIME EMPLOYEES AT THE MAJOR BUSINESS
FACILITY FOR WHICH THE CREDIT WAS EARNED FALLS MORE THAN 5% BELOW THE
THRESHOLD PAYROLL ON WHICH THE CREDIT WAS BASED, ALL CREDITS EARNED
WITH RESPECT TO THE MAJOR BUSINESS FACILITY SHALL BE RECAPTURED.

(F) (1) IN ORDER TO RECEIVE CERTIFICATION THAT A BUSINESS ENTITY IS
ELIGIBLE TO RECEIVE THE TAX CREDIT PROVIDED UNDER THIS SUBTITLE, A
BUSINESS ENTITY SHALL SUBMIT THE FOLLOWING TO THE DEPARTMENT OF
BUSINESS AND ECONOMIC DEVELOPMENT IN ACCORDANCE WITH REGULATIONS
ADOPTED BY THE DEPARTMENT:

(I) THE EFFECTIVE DATE OF THE START-UP OR EXPANSION;

(II) THE NUMBER OF FULL-TIME EMPLOYEES PRIOR TO THE
START UP OR EXPANSION AND THE PAYROLL OF THE EXISTING EMPLOYEES;

(III) THE NUMBER OF QUALIFIED POSITIONS CREATED, QUALIFIED
FULL-TIME EMPLOYEES HIRED, AND THE PAYROLL OF THOSE EMPLOYEES; AND

(IV) ANY OTHER INFORMATION THAT THE DEPARTMENT
REQUIRES BY REGULATION.

(2) THE DEPARTMENT MAY REQUIRE ANY INFORMATION REQUIRED
UNDER THIS SUBSECTION TO BE VERIFIED BY AN INDEPENDENT AUDITOR
SELECTED BY THE BUSINESS ENTITY.

- 4090 -