reglab/housing_qa huggingface dataset:
MD. Economic Development Code Ann. §  10-4A-03 (2021)
2021 Maryland Statutes|Economic Development|Division II - Independent and Regional Development Units and Resources|Title 10 - Statewide Development Resources and Revenue Authorities|Subtitle 4A - Invest Maryland Program|Part I - General Provisions|Section 10-4A-03 - Membership

    (a)    The Authority consists of the following nine members:        (1)    seven members appointed by the Governor with the advice and consent of the Senate;        (2)    one member appointed by the President of the Senate; and        (3)    one member appointed by the Speaker of the House.    (b)    (1)    Of the seven members appointed by the Governor:            (i)    1.    at least four shall have experience in working with companies that have raised investment capital for seed–stage to venture–stage companies or in providing professional services to the venture capital industry; and                2.    one of the four members selected under item 1 of this item shall have experience in higher education research and development and technology transfer projects;            (ii)    at least one shall have experience as a small business owner;            (iii)    at least one shall have experience as a business executive that has raised venture capital investments; and            (iv)    at least one shall be a resident of a rural county in the State.        (2)    The Governor shall consider the geographic diversity of the State when appointing members.    (c)    The members appointed by the President and the Speaker:        (1)    may not be elected officials; and        (2)    shall have experience and expertise in venture capital investments.    (d)    Each member shall be a resident of the State.    (e)    (1)    The term of a member is 4 years.        (2)    At the end of a term, a member continues to serve until a successor is appointed.        (3)    A member who is appointed after a term has begun serves only for the rest of the term and until a successor is appointed.        (4)    A member appointed by the Governor may be removed by the Governor with or without cause.        (5)    The terms of the members are staggered as required by the terms provided for members of the Authority on July 1, 2011.    (f)    In addition to the requirements of Title 5 of the General Provisions Article, a member of the Authority may not be employed by or have any financial interest in a purchaser, qualified business, or venture firm or hold any other employment relationship or financial interest that would impair the impartiality and independent judgment of the member.    (g)    The Authority may not have additional advisors or advisory boards, whether acting informally or formally constituted, other than as appointed or designated in this subtitle.
MD. Economic Development Code Ann. §  10-4A-04 (2021)
2021 Maryland Statutes|Economic Development|Division II - Independent and Regional Development Units and Resources|Title 10 - Statewide Development Resources and Revenue Authorities|Subtitle 4A - Invest Maryland Program|Part I - General Provisions|Section 10-4A-04 - Chair; Election of Officers

    (a)    The Governor shall appoint a chair from among the members.    (b)    The Authority shall determine the manner of election of officers and their terms of office.
MD. Economic Development Code Ann. §  10-4A-05 (2021)
2021 Maryland Statutes|Economic Development|Division II - Independent and Regional Development Units and Resources|Title 10 - Statewide Development Resources and Revenue Authorities|Subtitle 4A - Invest Maryland Program|Part I - General Provisions|Section 10-4A-05 - Quorum; Compensation and Reimbursement; Public Disclosure

    (a)    (1)    Five members of the Authority are a quorum.        (2)    An act of the Authority must be approved by a majority vote of the members attending a meeting at which a quorum is present.    (b)    A member of the Authority:        (1)    may not receive compensation as a member of the Authority; but        (2)    is entitled to reimbursement for expenses under the Standard State Travel Regulations, as provided in the State budget.    (c)    A member of the Authority shall file a public disclosure of financial interests as required under the Maryland Public Ethics Law.
MD. Economic Development Code Ann. §  10-4A-06 (2021)
2021 Maryland Statutes|Economic Development|Division II - Independent and Regional Development Units and Resources|Title 10 - Statewide Development Resources and Revenue Authorities|Subtitle 4A - Invest Maryland Program|Part I - General Provisions|Section 10-4A-06 - Advice to and Consultation With Corporation; Meetings

    The Authority shall:         (1)    provide advice to and consult with the Corporation in connection with the administration of the Program under this subtitle; and        (2)    meet at least quarterly to review the Corporation’s investment policies, investment decisions, and adherence to the statutory and regulatory requirements imposed on the Corporation.
MD. Economic Development Code Ann. §  10-4A-09 (2021)
2021 Maryland Statutes|Economic Development|Division II - Independent and Regional Development Units and Resources|Title 10 - Statewide Development Resources and Revenue Authorities|Subtitle 4A - Invest Maryland Program|Part II - Designated Capital|Section 10-4A-09 - General Provisions

    (a)    All designated capital from purchasers shall be deposited into the Enterprise Fund to be invested as provided in this subtitle.    (b)    The Corporation shall allocate designated capital as follows:        (1)    67% to one or more venture firms to fund the making of qualified investments based on the criteria set forth in this subtitle, provided, that not more than 20% of this amount may be invested in the side car fund affiliates of the venture firms; and        (2)    33% to the Enterprise Fund, to be allocated:            (i)    $250,000 to the Rural Maryland Council for its operational expenses;            (ii)    75% of the remaining amount to fund the making of qualified investments in qualified businesses under the existing policies and procedures of the Enterprise Fund; and            (iii)    25% of the remaining amount to the Financing Authority Equity Participation Investment Program, to be invested in qualified businesses in accordance with the policies and procedures of the Financing Authority under Title 5, Subtitle 5, Part V of this article.    (c)    It is the goal of the State that a portion of the designated capital received under subsection (b)(2)(ii) of this section be used to make qualified investments in qualified businesses located in rural areas of the State.    (d)    As soon as practicable after the Corporation receives each installment of designated capital, the Corporation and each venture firm that has been allocated designated capital shall enter into a contract under which the allocated amount of designated capital will be transferred by the Corporation to the venture firm for investment as provided in this subtitle.    (e)    The Corporation shall secure the commitment of the purchasers in accordance with § 10–4A–10 of this subtitle.
MD. Economic Development Code Ann. §  10-4A-10 (2021)
2021 Maryland Statutes|Economic Development|Division II - Independent and Regional Development Units and Resources|Title 10 - Statewide Development Resources and Revenue Authorities|Subtitle 4A - Invest Maryland Program|Part II - Designated Capital|Section 10-4A-10 - Bidding Process

    (a)    The Authority shall obtain the services of an independent third party to conduct a bidding process in order to secure purchasers for the Program as provided in this section.    (b)    Using the procedures adopted by the independent third party, each potential purchaser shall make a timely and irrevocable offer, subject only to the Corporation’s issuance to the purchaser of tax credit certificates, to make specified contributions of designated capital to the Corporation on the dates specified in § 10–4A–11(a) of this subtitle.    (c)    The offer shall include:        (1)    the requested amount of tax credits, which may not be less than $1,000,000;        (2)    the potential purchaser’s specified contribution for each tax credit dollar requested, which may not be less than the greater of:            (i)    70% of the requested dollar amount of tax credits; or            (ii)    the percentage of the requested dollar amount of tax credits that the Secretary, on the recommendation of the independent third party, determines to be consistent with market conditions as of the offer date; and        (3)    any other information the independent third party requires.    (d)    (1)    The deadline for submission of applications for tax credits is February 1, 2012.        (2)    Each potential purchaser shall receive a written notice from the Corporation not later than May 1, 2012, indicating whether or not it has been approved as a purchaser and, if so, the amount of tax credits allocated.    (e)    The maximum amount of premium tax credits that may be allocated under this subtitle for all years in which premium tax credits are allocated is $100,000,000.
MD. Economic Development Code Ann. §  10-4A-12 (2021)
2021 Maryland Statutes|Economic Development|Division II - Independent and Regional Development Units and Resources|Title 10 - Statewide Development Resources and Revenue Authorities|Subtitle 4A - Invest Maryland Program|Part II - Designated Capital|Section 10-4A-12 - Premium Tax

    (a)    (1)    Subject to the restriction in paragraph (2) of this subsection, a purchaser may claim the premium tax credit on a premium tax return filed after December 31, 2014, for a taxable year that begins on or after January 1, 2014.        (2)    In each calendar year from 2015 through 2019, a purchaser may claim up to 20% of the premium tax credit allocated to that purchaser.    (b)    (1)    The credit to be applied against insurance premium tax liability in any 1 year may not exceed the insurance premium tax liability of the purchaser for that taxable year.        (2)    Any unused credit against insurance premium tax liability may be:            (i)    carried forward indefinitely until the premium tax credits are used; and            (ii)    used by the purchaser without restriction during any calendar year after 2019.        (3)    On 30 days’ advance notice to the Corporation, premium tax credits allocated to a purchaser under this subtitle may be transferred without further restriction to any other entity that:            (i)    meets the definition of a purchaser;            (ii)    is in good standing with the Maryland Insurance Administration; and            (iii)    agrees to assume all of the transferor’s obligations under the Program.    (c)    A purchaser claiming a credit against insurance premium tax liability earned through an investment under the Program is not required to pay any additional tax as a result of claiming the credit.    (d)    A purchaser is not required to reduce the amount of premium tax included by the purchaser in connection with rate–making for any insurance contract written in the State because of a reduction in the purchaser’s insurance premium tax derived from the credit granted under this subtitle.
MD. Economic Development Code Ann. §  10-4A-15 (2021)
2021 Maryland Statutes|Economic Development|Division II - Independent and Regional Development Units and Resources|Title 10 - Statewide Development Resources and Revenue Authorities|Subtitle 4A - Invest Maryland Program|Part III - Venture Firms and Investments|Section 10-4A-15 - Independent Third Party

    (a)    Subject to the approval of the Corporation, the Authority shall obtain the services of an independent third party to:        (1)    establish application procedures for an entity to be certified as a venture firm; and        (2)    review and evaluate applications for venture firm certification under this section.    (b)    The independent third party selected by the Authority shall:        (1)    review and evaluate the application, organizational documents, and business history of each applicant;        (2)    evaluate whether the applicant is likely to achieve the investment criteria set forth in this subtitle; and        (3)    recommend to the Authority which venture firms should receive allocations of designated capital under the Program.    (c)    (1)    On receiving the recommendations of the independent third party selected under subsection (a) of this section and subject to § 10–4A–16 of this subtitle, the Authority shall select venture firms to receive allocations of designated capital that are consistent with the investment criteria set forth in this subtitle.        (2)    The Authority shall ensure that the venture firms receiving designated capital for investment under this subtitle make investments in the State that equal or exceed the amount of designated capital received under this subtitle.        (3)    Subject to the approval of the Corporation, the Authority may enter into written agreements, including partnership agreements and side agreements, that are necessary to carry out the purposes of this part.
MD. Economic Development Code Ann. §  10-4A-17 (2021)
2021 Maryland Statutes|Economic Development|Division II - Independent and Regional Development Units and Resources|Title 10 - Statewide Development Resources and Revenue Authorities|Subtitle 4A - Invest Maryland Program|Part III - Venture Firms and Investments|Section 10-4A-17 - Qualified Business

    (a)    (1)    A business that is classified as a qualified business at the time of the first investment in the business by a venture firm, the Enterprise Fund, or the Financing Authority remains classified as a qualified business and may receive follow–on investments from a venture firm, the Enterprise Fund, or the Financing Authority as provided under this subsection.        (2)    A follow–on investment from a venture firm is a qualified investment even though the business does not meet the definition of a qualified business at the time of the follow–on investment.        (3)    With respect to an investment by the Enterprise Fund or the Financing Authority, a follow–on investment does not qualify as a qualified investment if, at the time of the follow–on investment, the business no longer meets the definition of a qualified business.    (b)    Each venture firm shall inform the Corporation in writing when the venture firm requires designated capital for investment or for the payment of approved fees and expenses.
MD. Economic Development Code Ann. §  10-4A-18 (2021)
2021 Maryland Statutes|Economic Development|Division II - Independent and Regional Development Units and Resources|Title 10 - Statewide Development Resources and Revenue Authorities|Subtitle 4A - Invest Maryland Program|Part III - Venture Firms and Investments|Section 10-4A-18 - Prohibitions of Purchaser or Affiliate

    (a)    A purchaser or affiliate may not directly or indirectly:        (1)    manage a venture firm;        (2)    beneficially own, through rights, options, convertible interests, or otherwise, more than 15% of the voting securities or other voting ownership interest of a venture firm; or        (3)    control the direction of investments for a venture firm.    (b)    Subsection (a) of this section applies whether or not the purchaser or affiliate is authorized to do business in the State.
MD. Economic Development Code Ann. §  10-4A-19 (2021)
2021 Maryland Statutes|Economic Development|Division II - Independent and Regional Development Units and Resources|Title 10 - Statewide Development Resources and Revenue Authorities|Subtitle 4A - Invest Maryland Program|Part III - Venture Firms and Investments|Section 10-4A-19 - Reports and Audited Financial Statement

    (a)    Not later than March 31 of each year, each venture firm and the Financing Authority shall report to the Corporation:        (1)    the amount of designated capital remaining uninvested at the end of the preceding calendar year;        (2)    all qualified investments made during the preceding calendar year, including the number of employees of each business at the time the qualified investment was made and as of December 31 of that year;        (3)    for any qualified investment in which the venture firm or the Financing Authority no longer has a position as of the end of the calendar year, the number of employees of the business as of the date the investment was terminated; and        (4)    any other information the Corporation requires to ascertain the impact of the Program on the economy of the State.    (b)    Not later than 180 days after the end of its fiscal year, each venture firm shall provide to the Corporation an audited financial statement that includes the opinion of an independent certified public accountant.    (c)    Not later than 60 days after the sale or other disposition of a qualified investment, the selling venture firm or the Financing Authority shall provide to the Corporation a report on the amount of the interest sold or disposed of and the consideration received for the sale or disposition.
MD. Economic Development Code Ann. §  10-4A-20 (2021)
2021 Maryland Statutes|Economic Development|Division II - Independent and Regional Development Units and Resources|Title 10 - Statewide Development Resources and Revenue Authorities|Subtitle 4A - Invest Maryland Program|Part III - Venture Firms and Investments|Section 10-4A-20 - Distributions

    (a)    A venture firm may make a qualified distribution at any time.    (b)    To make a distribution that is not a qualified distribution, a venture firm shall pay to the Comptroller the venture firm’s pro rata share of distributions made to all limited partners as provided under the applicable partnership documents and any agreement with the Corporation.    (c)    (1)    Except as provided in paragraph (2) of this subsection, the Comptroller shall distribute all payments received under this section to the General Fund within 30 days of receipt.        (2)    (i)    If the Corporation has an obligation under applicable venture firm investment documents to return to the venture firm a payment previously distributed to the Comptroller, the Comptroller shall deposit an amount equal to that payment into the Enterprise Fund to cover the obligation.            (ii)    If the Corporation determines that the money deposited under subparagraph (i) of this paragraph is no longer required to be returned to a venture firm under the applicable investment documents, the Corporation shall notify the Comptroller that the money may be distributed to the General Fund.
MD. Economic Development Code Ann. §  10-4A-21 (2021)
2021 Maryland Statutes|Economic Development|Division II - Independent and Regional Development Units and Resources|Title 10 - Statewide Development Resources and Revenue Authorities|Subtitle 4A - Invest Maryland Program|Part III - Venture Firms and Investments|Section 10-4A-21 - Investment Returns Used to Make Additional Qualified Investments

    Investment returns resulting from the qualified investments made under the Program by the Enterprise Fund or the Financing Authority shall be used to make additional qualified investments in qualified businesses by the Enterprise Fund or the Financing Authority.
MD. Economic Development Code Ann. §  10-4A-22 (2021)
2021 Maryland Statutes|Economic Development|Division II - Independent and Regional Development Units and Resources|Title 10 - Statewide Development Resources and Revenue Authorities|Subtitle 4A - Invest Maryland Program|Part III - Venture Firms and Investments|Section 10-4A-22 - Required Equity Investments

    (a)    Each venture firm shall be required to make equity investments in an amount not less than 50% of the capital allocated to qualified businesses within 3 years of each capital allocation.    (b)    In regards to venture firms that have received an allocation before June 1, 2019, the requirements of subsection (a) of this section shall apply as of June 1, 2019.    (c)    In the event that a venture firm fails to meet the requirements of subsection (a) of this section, the Corporation shall:        (1)    rescind the allocation and authorization for that firm from the date of noncompliance with subsection (a) of this section and remove that firm’s certification for participation in the program;        (2)    cease making the payment of management and other fees to the venture fund from the date of noncompliance with subsection (a) of this section; and        (3)    consult and coordinate with the Office of the Attorney General for the recovery of any funds, as may be necessary.
MD. Economic Development Code Ann. §  10-4A-25 (2021)
2021 Maryland Statutes|Economic Development|Division II - Independent and Regional Development Units and Resources|Title 10 - Statewide Development Resources and Revenue Authorities|Subtitle 4A - Invest Maryland Program|Part IV - Miscellaneous|Section 10-4A-25 - Miscellaneous Provisions

    (a)    In any case under the insurance law of the State in which the assets of a purchaser are examined or considered, the designated capital shall be treated as an admitted asset, subject to the same financial rating as that held by the State.    (b)    The Corporation shall submit the following to the Maryland Insurance Administration:        (1)    the names, addresses, and amount of designated capital to be contributed and premium tax credits earned by each successful bidder within 30 days after the close of the bidding process under § 10–4A–10 of this subtitle;        (2)    a copy of the tax credit certificate issued to each purchaser within 30 days after the issuance of the certificate under § 10–4A–11 of this subtitle;        (3)    the occurrence of a default by a purchaser; and        (4)    the transfer of premium tax credits by a purchaser.
MD. Economic Development Code Ann. §  10-4A-26 (2021)
2021 Maryland Statutes|Economic Development|Division II - Independent and Regional Development Units and Resources|Title 10 - Statewide Development Resources and Revenue Authorities|Subtitle 4A - Invest Maryland Program|Part IV - Miscellaneous|Section 10-4A-26 - Applicability of Other Provisions

    (a)    Except as provided in subsection (b) of this section, Division II of the State Finance and Procurement Article does not apply to a service that the Corporation obtains that is related to the investment, management, analysis, purchase, or sale of an asset of the Corporation in a transaction authorized under this subtitle.    (b)    The Corporation is subject to Title 12, Subtitle 4 of the State Finance and Procurement Article for services related to the investment, management, analysis, purchase, or sale of assets of the Corporation in any transaction authorized under this subtitle.    (c)    Section 10–305 of the State Finance and Procurement Article does not apply to the sale, lease, transfer, exchange, or other disposition of real or personal property, including a share of stock in a business entity, that the Corporation acquires in a transaction authorized under this subtitle.
MD. Economic Development Code Ann. §  10-4A-27 (2021)
2021 Maryland Statutes|Economic Development|Division II - Independent and Regional Development Units and Resources|Title 10 - Statewide Development Resources and Revenue Authorities|Subtitle 4A - Invest Maryland Program|Part IV - Miscellaneous|Section 10-4A-27 - Administration of Subtitle and Regulations

    The Corporation shall administer this subtitle and may adopt regulations to carry out this subtitle.