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PARRIS N. GLENDENING, Governor
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H.B. 972
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(d) Except as provided in § 10-702 of the Tax - General Article and § 9-103 of
the Tax - Property Article, the incentives and initiatives set forth in this section shall
be available for a period of 10 years following the date on which the area is designated
an enterprise zone pursuant to § 5-402 of this subtitle. No law hereinafter enacted
that eliminates or reduces the benefits available to business entities under this
section shall be applicable to any business entity located in an enterprise zone prior to
the effective date of such law.
Subtitle 5. Enterprise Fund.
5-501.
(a) In this [section] SUBTITLE the term "Fund" means the Enterprise Fund
established under this [section] SUBTITLE.
(b) Where the Department is otherwise authorized by law to make grants, the
Department may require repayment, with interest at a rate to be determined by the
Department, of all or a portion of a grant upon the occurrence of conditions specified
by the Department.
(c) (1) Where the Department is otherwise authorized by law to make
grants, including grants authorized under § 7-314 of the State Finance and
Procurement Article, the Department may use moneys appropriated for grants to
provide equity investment financing for a business enterprise.
(2) In providing equity investment financing under this [subsection]
SUBTITLE, the Department may not acquire an ownership interest in the enterprise
in which the equity investment is made that exceeds 25 percent.
(3) The Department shall divest itself from any enterprise in which an
equity investment is made under this [subsection] SUBTITLE within 15 years after
making the investment.
(4) The liability of the State and of the Department in providing equity
investment financing under this [subsection] SUBTITLE is limited to its investments
under this [subsection] SUBTITLE.
(5) The Department shall adopt regulations specifying:
(i) The types of business enterprises in which investments may be
made under this [subsection] SUBTITLE and the basic standards an enterprise is
required to meet to qualify for investments under this [subsection] SUBTITLE; and
(ii) The amount of funds available for investments under this
[subsection] SUBTITLE and the criteria upon which investment decisions will be
made by the Department.
5-502.
(a) There is an Enterprise Fund in the Department established as a
nonlapsing, revolving special fund managed and supervised by the Secretary.
(b) The Fund may consist of any of the following:
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