PARRIS N. GLENDENING, Governor

S.B. 558

(2) IF, DURING ANY OF THE 3 YEARS SUCCEEDING THE CREDIT YEAR THE
AVERAGE NUMBER OF QUALIFIED POSITIONS FALLS BELOW THE APPLICABLE
THRESHOLD NUMBER OF POSITIONS UNDER SUBSECTION (B)(2)(I)1 OR 2 OF THIS
SECTION, ALL CREDITS EARNED SHALL BE RECAPTURED.

(3) (I) DURING THE 3 TAXABLE YEARS SUCCEEDING THE CREDIT YEAR,
THE QUALIFIED BUSINESS ENTITY SHALL SUPPLY INFORMATION REQUIRED BY THE
DEPARTMENT IN REGULATION TO VERIFY THAT THE BUSINESS ENTITY IS NOT SUBJECT
TO PARAGRAPH (1) OR (2) OF THIS SUBSECTION.

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

(F)    ANY INFORMATION PROVIDED TO THE COMPTROLLER OR THE APPROPRIATE
AGENCY BY A QUALIFIED BUSINESS ENTITY IN CONNECTION WITH ELIGIBILITY FOR A
CREDIT ALLOWED UNDER THIS SECTION SHALL BE SHARED BY THE COMPTROLLER OR
THE APPROPRIATE AGENCY WITH THE DEPARTMENT OF BUSINESS AND ECONOMIC
DEVELOPMENT AND SHALL BE SUBJECT TO THE CONFIDENTIALITY REQUIREMENTS
ESTABLISHED BY STATUTES OR REGULATIONS APPLICABLE TO THE COMPTROLLER OR
THE APPROPRIATE AGENCY.

(G)    (1) SUBJECT TO THE PROVISIONS OF THIS SUBSECTION, THE SECRETARY
SHALL ADOPT REGULATIONS TO CARRY OUT THE PROVISIONS OF THIS SUBTITLE.

(2) THE COMPTROLLER SHALL ADOPT REGULATIONS TO PROVIDE FOR THE
COMPUTATION, CARRYOVER AND RECAPTURE OF THE CREDIT UNDER § 10-704.4 OF THE
TAX- GENERAL ARTICLE.

(3) THE DEPARTMENT OF ASSESSMENTS AND TAXATION SHALL ADOPT
REGULATIONS TO PROVIDE FOR THE COMPUTATION, CARRYOVER AND RECAPTURE OF
THE CREDIT UNDER §§ 8-214 AND 8-411 OF THE TAX- GENERAL ARTICLE.

(4) THE MARYLAND INSURANCE COMMISSIONER SHALL ADOPT
REGULATIONS TO PROVIDE FOR THE COMPUTATION, CARRYOVER AND RECAPTURE OF
THE CREDIT UNDER ARTICLE 48A, § 632(E) OF THE CODE.

(H) THE DEPARTMENT SHALL REPORT TO THE GOVERNOR AND, SUBJECT TO §
2-1312 OF THE STATE GOVERNMENT ARTICLE, TO THE GENERAL ASSEMBLY BY
NOVEMBER 1 OF EACH YEAR ON THE BUSINESS ENTITIES CERTIFIED AS ELIGIBLE FOR
TAX CREDITS IN THE PRECEDING FISCAL YEAR.

5-1103.

(A) SUBJECT TO THE PROVISIONS OF THIS SECTION, THE PROVISIONS OF THIS
SUBTITLE AND THE TAX CREDIT AUTHORIZED UNDER THIS SUBTITLE SHALL
TERMINATE AS OF JANUARY 1, 2002.

(B) (1) THE TAX CREDITS AUTHORIZED UNDER THIS SUBTITLE:

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