PARRIS N. GLENDENING, Governor                             Ch. 755

Section 5-1102

Annotated Code of Maryland

(1995 Replacement Volume and 1996 Supplement)

(As enacted by Section 2 of Chapter 84 of the Acts of the General Assembly of
1996)

BY repealing and reenacting, without amendments,

Article 83A - Department of Business and Economic Development

Section 5-1103

Annotated Code of Maryland

(1995 Replacement Volume and 1996 Supplement)

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF

MARYLAND, That the Laws of Maryland read as follows:

Article 83A — Department of Business and Economic Development

5-1101.

(a)     In this subtitle the following words have the meanings indicated.

(b)     "Central financial, real estate, or insurance services" means the performance
of central management or administrative functions for a business entity engaged in
financial, real estate, or insurance services, such as general management, accounting,
computer tabulating, data processing, purchasing, transportation or shipping, advertising,
legal, financial, and research and development.

(c)     (1) "Company headquarters" means a facility where the majority of a
business entity's financial, personnel, legal, and planning functions are handled either on
a regional or national basis.

(2) "Company headquarters" does not include the headquarters of a
professional sports organization.

(d)     "Credit year" means the taxable year in which a qualified business entity
claims the credit allowed under this subtitle.

(e)     "Full-time position" means a position requiring at least 840 hours of an
employee's time during at least 24 weeks in a 6-month period.

(f)      (1) "Qualified business entity" means a person conducting or operating a
trade or business in Maryland who:

(i) Is engaged in an activity specified in § 5-1102(b)(2)(ii) of this
subtitle;

(ii) During any 24-month period creates:

1. At least 60 qualified positions; [ or]

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