reglab/statecodes huggingface dataset:
Code of Maryland Regulations › Title 24 - DEPARTMENT OF COMMERCE › Subtitle 05 - ECONOMIC DEVELOPMENT › Chapter 24.05.19 - Wineries and Vineyards Capital Expenses Tax Credit › Section 24.05.19.09 - Short Taxable Years

Current through Register Vol. 51, No. 14, July 12, 2024
A. Eligible Costs. A taxpayer may only claim the credit for allowed costs incurred during its taxable year. If the taxpayer has a short taxable year, only the allowed costs incurred during the short taxable year are allowed on the short year return.
B. If the taxpayer incurs allowed costs in 2 taxable years during a calendar year, one of which is a short taxable year, the taxpayer may only claim a credit on the short taxable year return in an amount equal to the total credits certified by the Department multiplied by a fraction:
(1) The numerator of which is the allowed qualified capital costs incurred during the short taxable year; and
(2) The denominator of which is the allowed qualified capital costs incurred during the entire calendar year.
Code of Maryland Regulations › Title 24 - DEPARTMENT OF COMMERCE › Subtitle 05 - ECONOMIC DEVELOPMENT › Chapter 24.05.19 - Wineries and Vineyards Capital Expenses Tax Credit › Section 24.05.19.10 - Addition Modifications

Current through Register Vol. 51, No. 14, July 12, 2024
A. Individuals. To the extent an individual is allowed a credit on the State individual income tax return, the amount of the credit claimed shall be added to federal adjusted gross income to calculate the individual's State adjusted gross income.
B. Corporations. To the extent that a corporation is allowed a credit on its State income tax return, the amount of the credit claimed shall be added to federal taxable income to calculate the corporation's State modified income.
Code of Maryland Regulations › Title 24 - DEPARTMENT OF COMMERCE › Subtitle 05 - ECONOMIC DEVELOPMENT › Chapter 24.05.19 - Wineries and Vineyards Capital Expenses Tax Credit › Section 24.05.19.11 - Partnerships, S Corporations, Limited Liability Companies, Business Trusts, Estates, and Trusts

Current through Register Vol. 51, No. 14, July 12, 2024
A. Partnerships, S Corporations, Limited Liability Companies, and Business Trusts. In the case of a subchapter S corporation, partnership, limited liability company, or business trust, the amount of the credits computed for the pass-through entity shall be allocated among the owners as agreed to in writing by the owners in accordance with Internal Revenue Service rules.
B. Estates and Trusts. In the case of an estate or trust, the amount of the credits computed for the estate or trust for any taxable year shall be apportioned among the estate or trust and the beneficiaries on the basis of the income of the estate or trust allocable to each.
C. Statements to Partners, Shareholders, Members, and Beneficiaries.
(1) Requirements. A partnership, S corporation, limited liability company, business trust, estate, or trust shall provide each of its partners, shareholders, members, or beneficiaries with a Maryland Form 510, Schedule K-1.
(2) Statement Attached to Return. A partner, shareholder, member, or beneficiary shall attach a copy of the Maryland Form 510, Schedule K-1 to the income tax return on which the credit is claimed.
Code of Maryland Regulations › Title 24 - DEPARTMENT OF COMMERCE › Subtitle 05 - ECONOMIC DEVELOPMENT › Chapter 24.05.19 - Wineries and Vineyards Capital Expenses Tax Credit › Section 24.05.19.12 - Audits and Inquiries

Current through Register Vol. 51, No. 14, July 12, 2024
A. Audits.
(1) If the Department becomes aware of facts and circumstances that reasonably warrant an audit of the factual or accounting basis of a taxpayer's claim of eligibility for a tax credit under this chapter or of a claim of tax credit under this chapter, the Department may require at any reasonable time before or after the issuance of a certificate of eligibility for tax credit that any information provided to the Department by a taxpayer be audited.
(2) The Department may require at any reasonable time an audit of any information submitted to the Department:
(a) By any taxpayer that applies for certification by the Department of tax credits under this chapter; and
(b) By any taxpayer that has been certified by the Department for a tax credit.
(3) An audit under §A(2) of this regulation shall be directed to the taxpayer's basis for its claim of eligibility for the tax credit under this chapter.
(4) An audit under §A(2) of this regulation shall be conducted at the taxpayer's expense by an independent auditor selected by the taxpayer and reasonably satisfactory to the Department.
(5) The Department may initiate an audit by delivering to the taxpayer a written request for the performance of an audit stating the scope of the audit to be undertaken and the matters to be examined in the course of the audit.
(6) Within 10 business days after a taxpayer receives a request from the Department for the performance of an audit under this regulation, the taxpayer shall submit to the Department a written response naming the independent auditor selected by the taxpayer.
(7) If the Department approves the auditor, it shall give written notice to the taxpayer that the Department approves the auditor and shall provide instructions to the auditor for the scope and conduct of the audit.
(8) If the Department disapproves of the selected auditor, it shall give written notice to the taxpayer of the disapproval and of the reasons for it. The taxpayer shall, within 5 business days after receipt of notice of the Department's disapproval of an auditor, select an alternative auditor and submit to the requesting agency a written response naming the alternative independent auditor selected by the taxpayer.
(9) The process pursuant to §§A(5) - (8) of this regulation for the selection and approval of an auditor will continue until the Department will have approved an alternative auditor pursuant to §A(7) of this regulation.
(10) The approved auditor shall proceed to conduct the audit with due diligence and dispatch, and in accordance with the Department's instructions. Within 90 days of the Department's notice approving the selection of an auditor, the auditor shall submit to the Department and to the taxpayer a full report of its audit procedures, tests, matters examined, and findings.
(11) The Comptroller retains its audit authority under the Tax-General Article, Annotated Code of Maryland.
Code of Maryland Regulations › Title 24 - DEPARTMENT OF COMMERCE › Subtitle 05 - ECONOMIC DEVELOPMENT › Chapter 24.05.19 - Wineries and Vineyards Capital Expenses Tax Credit › Section 24.05.19.13 - Waiver

Current through Register Vol. 51, No. 14, July 12, 2024
The Secretary may waive or vary particular provisions of this chapter to the extent that the waiver is not inconsistent with Tax-General Article, §10-735, Annotated Code of Maryland.
Code of Maryland Regulations › Title 24 - DEPARTMENT OF COMMERCE › Subtitle 05 - ECONOMIC DEVELOPMENT › Chapter 24.05.20 - Job Creation Tax Credit › Section 24.05.20.01 - Objective

Current through Register Vol. 51, No. 14, July 12, 2024
The objective of the job creation tax credit is to increase the number and quality of new jobs in the State by encouraging:
A. Significant expansions of existing private sector enterprises;
B. Establishment of new private sector enterprises;
C. Creation of family supporting jobs; and
D. Revitalization of neighborhoods and commercial areas.
Code of Maryland Regulations › Title 24 - DEPARTMENT OF COMMERCE › Subtitle 05 - ECONOMIC DEVELOPMENT › Chapter 24.05.20 - Job Creation Tax Credit › Section 24.05.20.02 - Purpose

Current through Register Vol. 51, No. 14, July 12, 2024
This chapter describes the procedures that will be used by the Secretary of Business and Economic Development to establish the requirements necessary to qualify for the tax credit program.
Code of Maryland Regulations › Title 24 - DEPARTMENT OF COMMERCE › Subtitle 05 - ECONOMIC DEVELOPMENT › Chapter 24.05.20 - Job Creation Tax Credit › Section 24.05.20.03 - Scope and Administration

Current through Register Vol. 51, No. 14, July 12, 2024
Certification for the job creation tax credit is administered by the Secretary of Business and Economic Development. The Comptroller of the Treasury, the Department of Assessments and Taxation, and the Insurance Commissioner shall administer the tax credit.
Code of Maryland Regulations › Title 24 - DEPARTMENT OF COMMERCE › Subtitle 05 - ECONOMIC DEVELOPMENT › Chapter 24.05.20 - Job Creation Tax Credit › Section 24.05.20.05 - Notification Required

Current through Register Vol. 51, No. 14, July 12, 2024
A business entity shall notify the Department of its intent to seek certification for the tax credit before hiring any qualified employees to fill the qualified positions necessary to satisfy the requirements for a qualified business entity establishing or expanding the business facility on which the tax credit is based.
Code of Maryland Regulations › Title 24 - DEPARTMENT OF COMMERCE › Subtitle 05 - ECONOMIC DEVELOPMENT › Chapter 24.05.20 - Job Creation Tax Credit › Section 24.05.20.06 - Certification Procedures

Current through Register Vol. 51, No. 14, July 12, 2024
A. To be preliminarily certified as a qualified business entity, a business entity shall submit the following to the Department on an application form approved by the Department:
(1) The proposed effective date of the start-up or expansion;
(2) The number of full-time employees before the start-up or expansion and the payroll of the existing employees;
(3) The expected number of qualified positions expected to be created, qualified employees expected to be hired, and the estimated payroll of those employees; and
(4) Any other information required by the Department.
Code of Maryland Regulations › Title 24 - DEPARTMENT OF COMMERCE › Subtitle 05 - ECONOMIC DEVELOPMENT › Chapter 24.05.20 - Job Creation Tax Credit › Section 24.05.20.07 - Eligible Business Activities

Current through Register Vol. 51, No. 14, July 12, 2024
A. To qualify for the tax credit, a qualified business entity shall establish or expand a business facility in the State that is primarily engaged in one or more of the following qualifying activities:
(1) Manufacturing;
(2) Mining;
(3) Transportation;
(4) Communications;
(5) Agriculture;
(6) Forestry;
(7) Fishing;
(8) Research, development, or testing;
(9) Biotechnology;
(10) Computer programming, data processing, or other computer-related services;
(11) Central financial, real estate, or insurance services;
(12) The operation of central administrative offices or a company headquarters;
(13) A public utility;
(14) Warehousing;
(15) Business services, if the business facility established or expanded by the business entity is located in a State priority funding area; or
(16) Operation of entertainment, recreation, cultural, or tourism-related activities in a multiuse facility located within a revitalization area, if the facility:
(a) Generates a minimum of 1,000 new full-time equivalent filled positions in a 24-month period, and
(b) Is not primarily used by a professional sports franchise or for gaming.
Code of Maryland Regulations › Title 24 - DEPARTMENT OF COMMERCE › Subtitle 05 - ECONOMIC DEVELOPMENT › Chapter 24.05.20 - Job Creation Tax Credit › Section 24.05.20.08 - Amount of Tax Credit

Current through Register Vol. 51, No. 14, July 12, 2024
A. Standard Tax Credit. The standard tax credit earned under this section equals the lesser of:
(1) $1,000 multiplied by the number of qualified employees employed by the qualified entity during the credit year; and
(2) 2.5 percent of the wages paid by the qualified business entity during the credit year to all qualified employees.
Code of Maryland Regulations › Title 24 - DEPARTMENT OF COMMERCE › Subtitle 05 - ECONOMIC DEVELOPMENT › Chapter 24.05.20 - Job Creation Tax Credit › Section 24.05.20.09 - Carryover of Tax Credit

Current through Register Vol. 51, No. 14, July 12, 2024
A. A business entity may carry over the tax credit to a successive tax year if the tax credit allowed exceeds the total tax otherwise due from the entity.
B. The tax credit may only be carried over until the earlier of the:
(1) Full amount of the excess is used; or
(2) Expiration of the fifth taxable year from the credit year.
Code of Maryland Regulations › Title 24 - DEPARTMENT OF COMMERCE › Subtitle 05 - ECONOMIC DEVELOPMENT › Chapter 24.05.20 - Job Creation Tax Credit › Section 24.05.20.10 - Recapture Provisions

Current through Register Vol. 51, No. 14, July 12, 2024
A. Except as provided in §D of this regulation, the tax credit shall be recaptured if, during any of the retention period following the credit year, the number of qualified positions of the qualified business entity falls more than 5 percent below the average number of qualified positions during the credit year on which the tax credit was computed.
B. A temporary vacancy in a qualified position does not constitute the abolition of that qualified position if:
(1) The vacancy is filled within 4 months; and
(2) Not more than 10 percent of the qualified positions at the business facility are vacant at any given time.
Code of Maryland Regulations › Title 24 - DEPARTMENT OF COMMERCE › Subtitle 05 - ECONOMIC DEVELOPMENT › Chapter 24.05.20 - Job Creation Tax Credit › Section 24.05.20.11 - Information Required from Entity

Current through Register Vol. 51, No. 14, July 12, 2024
A. To be eligible to receive the tax credit, a firm shall notify the Department in writing of its intention to use the tax credit before hiring the qualified employees necessary for establishing or expanding a facility.
B. To obtain preliminary certification, the qualified business entity shall provide the Department with a completed application for preliminary certification.
C. To obtain certification, the qualified business entity shall provide the Department with a completed application for certification.
D. By April 1 of each year after the credit year, the qualified business entity shall provide the Department with the following information:
(1) Employment information regarding the tax year for which the credit is being claimed, the number of qualified positions created and filled by qualified employees during the tax year, whether the qualified positions still existed and were still filled by qualified employees at the end of the tax year, and whether the qualified business entity has complied with all the requirements of the Act; and
(2) Any other employment information requested by the Department.
Code of Maryland Regulations › Title 24 - DEPARTMENT OF COMMERCE › Subtitle 05 - ECONOMIC DEVELOPMENT › Chapter 24.05.20 - Job Creation Tax Credit › Section 24.05.20.12 - Confidentiality Protections for Business Entities

Current through Register Vol. 51, No. 14, July 12, 2024
A. Any information provided to the Comptroller or the appropriate agency by a qualified business entity in connection with eligibility for a tax credit allowed under this chapter shall be shared by the Comptroller or the appropriate agency with the Department.
B. Information provided under §A of this regulation shall be subject to the confidentiality requirements applicable to the Comptroller or the appropriate agency.
Code of Maryland Regulations › Title 24 - DEPARTMENT OF COMMERCE › Subtitle 05 - ECONOMIC DEVELOPMENT › Chapter 24.05.20 - Job Creation Tax Credit › Section 24.05.20.14 - Waiver

Current through Register Vol. 51, No. 14, July 12, 2024
The Secretary may waive or vary particular provisions of this chapter to the extent that the waiver is not inconsistent with the Act if:
A. Conformance to the requirement of any federal, State, or local program necessitates waiver or variance of a regulation; or
B. In the determination of the Secretary, the application of a regulation in a specific case or in an emergency situation would be inequitable or contrary to the purposes of the Act.
Code of Maryland Regulations › Title 24 - DEPARTMENT OF COMMERCE › Subtitle 05 - ECONOMIC DEVELOPMENT › Chapter 24.05.21 - Regional Institution Strategic Enterprise Zone Program › Section 24.05.21.01 - Objective

Current through Register Vol. 51, No. 14, July 12, 2024
The objective of the Regional Institution Strategic Enterprise (RISE) Zone Program is to access institutional assets that have a strong and demonstrated history of commitment to economic development and revitalization in the communities in which they are located.
Code of Maryland Regulations › Title 24 - DEPARTMENT OF COMMERCE › Subtitle 05 - ECONOMIC DEVELOPMENT › Chapter 24.05.21 - Regional Institution Strategic Enterprise Zone Program › Section 24.05.21.02 - Purpose

Current through Register Vol. 51, No. 14, July 12, 2024
This chapter describes the application requirements and procedures that will be used by the Secretary of Business and Economic Development to designate qualified institutions and RISE Zones.
Code of Maryland Regulations › Title 24 - DEPARTMENT OF COMMERCE › Subtitle 05 - ECONOMIC DEVELOPMENT › Chapter 24.05.21 - Regional Institution Strategic Enterprise Zone Program › Section 24.05.21.03 - Scope and Administration

Current through Register Vol. 51, No. 14, July 12, 2024
The Secretary of Business and Economic Development administers the RISE Zone Program. Certain activities are subject to approval by the Secretary of Business and Economic Development, with input from the Legislative Policy Committee. Certain activities will require input from the local jurisdiction in which the RISE Zone is located. The Department of Assessments and Taxation and the Comptroller of the Treasury administer activities related to revenue and taxes.
Code of Maryland Regulations › Title 24 - DEPARTMENT OF COMMERCE › Subtitle 05 - ECONOMIC DEVELOPMENT › Chapter 24.05.21 - Regional Institution Strategic Enterprise Zone Program › Section 24.05.21.04 - Definitions

Current through Register Vol. 51, No. 14, July 12, 2024
A. In this chapter, the following terms have the meanings indicated.
B. Terms Defined.
(1) "Act" means Economic Development Article, Title 5, Subtitle 14, Annotated Code of Maryland.
(2) "Area" means a geographic area in one or more political subdivisions in the State described by a closed perimeter boundary.
(3) "Department" means the Department of Business and Economic Development.
(4) "Institution" means:
(a) A regional higher education center as defined in Education Article, §
											10-101, Annotated Code of Maryland;
(b) An institution of higher education as defined in Education Article, §
											10-101, Annotated Code of Maryland; or
(c) A nonprofit organization that is affiliated with a federal agency.
(5) "Nonprofit organization" means an organization that is exempt or eligible for exemption from taxation under §501(C)(3) of the Internal Revenue Code.
(6) "Qualified institution" means an institution that is designated as a qualified institution under Regulation .06 of this chapter.
(7) "Qualified property" has the meaning stated in Tax-Property Article, §9-103.1(A)(6), Annotated Code of Maryland.
(8) "Political subdivision" means any county or municipal corporation.
(9) "RISE Zone" means an area that:
(a) Is targeted for increased economic and community development;
(b) Proximity or Nexus.
(i) Is in immediate proximity to a qualified institution;
(ii) Has a nexus with the qualified institution and its proposed activities; or
(iii) Is a rural area and has a nexus with the qualified institution and its proposed activities;
(c) Meets the requirements of Regulation .08 of this chapter; and
(d) Is designated as a Regional Institution Strategic Enterprise Zone by the Secretary under Regulation .09 of this chapter.
(10) "Secretary" means the Secretary of Business and Economic Development.
Code of Maryland Regulations › Title 24 - DEPARTMENT OF COMMERCE › Subtitle 05 - ECONOMIC DEVELOPMENT › Chapter 24.05.21 - Regional Institution Strategic Enterprise Zone Program › Section 24.05.21.05 - Application for Designation as a Qualified Institution

Current through Register Vol. 51, No. 14, July 12, 2024
A. An institution may apply to the Secretary to be designated as a qualified institution.
B. If the applicant is a non-profit organization that is not an institute of higher education, the non-profit must provide documentation that it is affiliated with a federal agency.
C. The application to be designated as a qualified institution shall be in a form approved from time to time by the Department:
D. The applicant shall provide the information and documents required by this regulation and the application form, including:
(1) Evidence of the applicant's intention to:
(a) Make a significant financial investment or commitment in an area of the State that the applicant intends to become a RISE Zone, including:
(i) A description of the projected amount and type of financial investment or commitment the qualified institution intends to make in the area to become a RISE Zone;
(ii) An explanation of why the financial investment or commitment is significant to the area; and
(iii) An explanation of where the financial investment or commitment will be made and for what purpose;
Code of Maryland Regulations › Title 24 - DEPARTMENT OF COMMERCE › Subtitle 05 - ECONOMIC DEVELOPMENT › Chapter 24.05.21 - Regional Institution Strategic Enterprise Zone Program › Section 24.05.21.06 - Secretary's Designation of a Qualified Institution

Current through Register Vol. 51, No. 14, July 12, 2024
A. The Secretary shall approve or reject an application of an institution within 90 days after submission of an application for designation as a qualified institution.
B. The Secretary shall notify the Legislative Policy Committee at least 30 days before approval or rejection of an application for designation as a qualified institution.
C. The Legislative Policy Committee may provide advice to the Secretary regarding the approval or rejection of an institution as a qualified institution.
Code of Maryland Regulations › Title 24 - DEPARTMENT OF COMMERCE › Subtitle 05 - ECONOMIC DEVELOPMENT › Chapter 24.05.21 - Regional Institution Strategic Enterprise Zone Program › Section 24.05.21.07 - Application for Designation of a RISE Zone Jointly With Political Subdivision

Current through Register Vol. 51, No. 14, July 12, 2024
A. On or after July 1, 2015, application for designation of a RISE Zone may be made to the Department by one or more qualified institutions jointly with a county, a municipal corporation, or the economic development agency of a county or municipal corporation.
B. Unless a municipal corporation located within a county agrees to designation of a RISE Zone within its boundaries, qualified property in the county may not receive a tax credit against the municipal property tax. The applicant shall obtain the consent of the governing body of the municipal corporation in the form of a resolution.
C. Unless a county, in which a municipal corporation is located, agrees to designation of a RISE Zone in the municipal corporation, qualified property in the municipal corporation may not receive a tax credit against county property tax. The applicant shall obtain the consent of the governing body of the county in the form of a resolution.
D. All applications shall be complete, meet all stated requirements, and be properly signed by the chief elected, executive official or, if none, by the governing body of, each of the political subdivisions applying with the qualified institution.
E. Any modification to the boundaries of an existing RISE Zone must be approved by each applicant for the initial designation of the RISE Zone.
Code of Maryland Regulations › Title 24 - DEPARTMENT OF COMMERCE › Subtitle 05 - ECONOMIC DEVELOPMENT › Chapter 24.05.21 - Regional Institution Strategic Enterprise Zone Program › Section 24.05.21.08 - Application Requirements for Designation of a RISE Zone

Current through Register Vol. 51, No. 14, July 12, 2024
The RISE Zone application shall include the following:
A. A detailed description of the boundaries of the proposed RISE Zone, including:
(1) Both a hard copy and digital map of the proposed RISE Zone;
(2) The acreage of the proposed RISE Zone;
(3) A map showing any overlap of the proposed RISE Zone with an existing enterprise zone or focus area; and
(4) A statement from the planning departments of each political subdivision joining in the application that the boundaries of the proposed RISE Zone do not overlap a development district established under Economic Development Article, Title 12, Subtitle 2, Annotated Code of Maryland, or a special taxing district established under Local Government, Article, Title 21, Annotated Code of Maryland or The Charter of Baltimore City, § 62A.
Code of Maryland Regulations › Title 24 - DEPARTMENT OF COMMERCE › Subtitle 05 - ECONOMIC DEVELOPMENT › Chapter 24.05.21 - Regional Institution Strategic Enterprise Zone Program › Section 24.05.21.09 - RISE Zone General Requirements

Current through Register Vol. 51, No. 14, July 12, 2024
A. The designation of a RISE Zone is effective for 5 years.
B. The Secretary may not approve more than three RISE Zones in a single political subdivision.
C. The Secretary may not designate a RISE Zone in the following areas:
(1) A development district established under Economic Development Article, Title 12, Subtitle 2, Annotated Code of Maryland; or
(2) A special taxing district established under Local Government Article, Title 21, Annotated Code of Maryland, or The Charter of Baltimore City, § 62A.
Code of Maryland Regulations › Title 24 - DEPARTMENT OF COMMERCE › Subtitle 05 - ECONOMIC DEVELOPMENT › Chapter 24.05.21 - Regional Institution Strategic Enterprise Zone Program › Section 24.05.21.10 - Secretary's Designation of a RISE Zone

Current through Register Vol. 51, No. 14, July 12, 2024
A. The Secretary shall approve or reject an application for designation of a RISE Zone, including approval or modification of the proposed boundaries of the RISE Zone, within 120 days after the submission of the application.
B. The Secretary shall notify the Legislative Policy Committee at least 45 days before approval or rejection of the application.
C. The Legislative Policy Committee may provide advice to the Secretary regarding the approval or rejection of the RISE Zone or the boundaries of the RISE Zone proposed by the Secretary.
D. The Secretary may consult with the Maryland Department of Planning and other State agencies before the designation of a RISE Zone.
Code of Maryland Regulations › Title 24 - DEPARTMENT OF COMMERCE › Subtitle 05 - ECONOMIC DEVELOPMENT › Chapter 24.05.21 - Regional Institution Strategic Enterprise Zone Program › Section 24.05.21.11 - Renewal of RISE Zones

Current through Register Vol. 51, No. 14, July 12, 2024
A. The Secretary may renew a RISE Zone for an additional 5 years upon joint application by the entities that applied for the original RISE Zone designation.
B. To apply for renewal, the entities that applied for the original RISE Zone designation shall file a complete application, which shall include:
(1) An analysis of whether the goals and objectives of the target strategy were met;
(2) An analysis of the success and outcomes of the designation, including the number of jobs created, total and type of capital investment made, the number of new businesses locating to the RISE Zone, and any other information that demonstrates success;
(3) A description of how the qualified institution met the goals specified in the qualified institution's application for qualified institution designation; and
(4) A discussion of what would be achieved by renewing the RISE Zone for an additional 5-year period.
Code of Maryland Regulations › Title 24 - DEPARTMENT OF COMMERCE › Subtitle 05 - ECONOMIC DEVELOPMENT › Chapter 24.05.21 - Regional Institution Strategic Enterprise Zone Program › Section 24.05.21.12 - Annual Report

Current through Register Vol. 51, No. 14, July 12, 2024
The person or entity identified in the target strategy for preparing the annual report shall submit an annual report to the Department on a fiscal year basis by September 15 of the following fiscal year, in the form and containing the information established by the Secretary.
Code of Maryland Regulations › Title 24 - DEPARTMENT OF COMMERCE › Subtitle 05 - ECONOMIC DEVELOPMENT › Chapter 24.05.21 - Regional Institution Strategic Enterprise Zone Program › Section 24.05.21.13 - Waiver

Current through Register Vol. 51, No. 14, July 12, 2024
The Secretary may waive or vary particular provisions of this chapter to the extent that a waiver is not inconsistent with the Act if:
A. Conformance to this requirement of any federal, State, or local program necessitates waiver or variance of a regulation; or
B. In the determination of the Secretary, the application of a regulation in a specific case or in an emergency situation would be inequitable or contrary to the purposes of the Act.
Code of Maryland Regulations › Title 24 - DEPARTMENT OF COMMERCE › Subtitle 05 - ECONOMIC DEVELOPMENT › Chapter 24.05.22 - Maryland E-Nnovation Initiative Program › Section 24.05.22.02 - Designated Fields of Scientific and Technical Fields of Study; Expenditure of Endowment Proceeds

Current through Register Vol. 51, No. 14, July 12, 2024
A. The Authority designates the following scientific and technical fields of study as eligible for the expenditure of endowment proceeds under the Program:
(1) Physical sciences;
(2) Life and neuro sciences;
(3) Engineering;
(4) Mathematical and computational sciences;
(5) Regulatory science;
(6) Autonomous systems;
(7) Aeronautical and space science;
(8) Environmental sciences;
(9) Behavioral and language science;
(10) Health sciences;
(11) Agriculture; and
(12) Cybersecurity.
Code of Maryland Regulations › Title 24 - DEPARTMENT OF COMMERCE › Subtitle 05 - ECONOMIC DEVELOPMENT › Chapter 24.05.22 - Maryland E-Nnovation Initiative Program › Section 24.05.22.03 - Application - Requirements

Current through Register Vol. 51, No. 14, July 12, 2024
A. A nonprofit institution of higher education shall first submit an application to the Authority prior to submitting its first request for a distribution of matching funds from the Fund in a fiscal year.
B. The application shall be on a form provided by the Authority and shall include the following information:
(1) A copy of the proposed research endowment plan for a research endowment at the nonprofit institution of higher education that includes the information required by Economic Development Article, §
										6-615, Annotated Code of Maryland, and Regulation .05 of this chapter;
(2) The legal name of the nonprofit institution of higher education;
(3) The street address of the principal place of business of the nonprofit institution of higher education and the mailing address, email address, and telephone number of the nonprofit institution of higher education;
(4) The name, business mailing address, telephone number, and email address of an individual with authority to act on behalf of the nonprofit institution of higher education with respect to the application;
(5) The federal employer identification number of the nonprofit institution of higher education; and
(6) Any other information requested by the Authority.
Code of Maryland Regulations › Title 24 - DEPARTMENT OF COMMERCE › Subtitle 05 - ECONOMIC DEVELOPMENT › Chapter 24.05.22 - Maryland E-Nnovation Initiative Program › Section 24.05.22.04 - Application - Authority Review

Current through Register Vol. 51, No. 14, July 12, 2024
A. The Authority shall review each application for compliance with the Act and this chapter. If the Authority determines that an application is not responsive to the requirements under Regulation .03 of this chapter, the Authority shall notify the nonprofit institution of higher education of the deficiency, and the nonprofit institution of higher education shall have 5 business days to cure the deficiency.
B. The Authority shall provide notice to a nonprofit institution of higher education of the Authority's approval or rejection of an application, including the research endowment plan submitted with the application, and any allocation of matching funds under the Program within 60 days after the Authority has deemed the application complete. If an application is not approved, the notice from the Authority shall include the reason(s) the application could not be approved.
C. The Authority shall encumber the matching funds allocated to a nonprofit institution at the time the Authority approves an application. Subject to Regulation .08 of this chapter, Program funds encumbered at the time of approval shall remain encumbered until the end of the fiscal year in which the application is approved.
Code of Maryland Regulations › Title 24 - DEPARTMENT OF COMMERCE › Subtitle 05 - ECONOMIC DEVELOPMENT › Chapter 24.05.22 - Maryland E-Nnovation Initiative Program › Section 24.05.22.05 - Research Endowment Plan - Requirements

Current through Register Vol. 51, No. 14, July 12, 2024
A. The research endowment plan shall provide the Authority with an explanation of the nonprofit institution of higher education's comprehensive research objectives and plans to build competitive research infrastructure in the specified scientific and technical fields of study as designated by the Authority, as well as comprehensive measures for achieving this goal.
B. The proposed research endowment plan shall include the following:
(1) A description of the nonprofit institution of higher education's current research initiatives in the fields of study designated by the Authority for which the nonprofit institution of higher education will be seeking matching funds under the Program;
(2) The designated field(s) of study covered by the research endowment plan;
(3) The total amount of Program funds for which the nonprofit institution of higher education is requesting approval under the research endowment plan;
(4) The proposed use of the matching funds to be requested by the nonprofit institution of higher education with respect to the research endowment plan, including:
(a) An explanation of how the proposed uses of the endowment proceeds satisfies the criteria for eligible uses of endowment proceeds under Economic Development Article, §
											6-614, Annotated Code of Maryland;
(b) The anticipated costs associated with the proposed uses of the endowment proceeds;
(c) An explanation of how the proposed uses of the endowment proceeds further the purposes of the Program and address the research needs of the nonprofit institution of higher education; and
(d) The identification of any specific disciplinary hires to be made with the endowment proceeds, if known to the nonprofit institution at the time of the submission of the research endowment plan.
(5) A designation of the applicable research endowment(s) into which Program funds are to be deposited;
(6) A description of how the research endowment plan will play a role in achieving institutional research objectives in the designated field(s) of study and its relation to and impact on the colleges, schools, departments, centers, institutes, or other academic units proposed, currently under development, or currently operating;
(7) A description of the current or proposed collaborations, particularly with other institutional partners, that play or will play a significant collaborative role in achieving institutional objectives;
(8) An analysis of possible strategies to enhance current research initiatives;
(9) An evaluation of how the research plan furthers the purposes of the Program's goals and the research needs of the institution;
(10) Documentation of the demonstrations of interest to make qualified donations in a form satisfactory to the Authority; and
(11) Such other information as requested by the Authority from time to time.
Code of Maryland Regulations › Title 24 - DEPARTMENT OF COMMERCE › Subtitle 05 - ECONOMIC DEVELOPMENT › Chapter 24.05.22 - Maryland E-Nnovation Initiative Program › Section 24.05.22.06 - Distributions - Documentation Required

Current through Register Vol. 51, No. 14, July 12, 2024
A. A nonprofit institution of higher education seeking a distribution of matching funds from the Fund first shall obtain qualified donations in an amount equal to or greater than the amount of matching funds requested for distribution and shall submit a request to the Authority on such form as designated by the Authority from time to time that includes:
(1) The amount requested for distribution to the nonprofit institution of higher education;
(2) The amount of all previous distributions of matching funds from the Fund;
(3) The total amount of matching funds allocated to the nonprofit institution of higher education by the Authority for the fiscal year;
(4) The amount of qualified donations designated for use in requesting the distribution of matching funds from the Fund; and
(5) A certification by the nonprofit institution of higher education that the information provided to the Authority in the approved research endowment plan remains true and correct as of the date of the distribution request and that the nonprofit institution of higher education does not anticipate any changes to that information.
Code of Maryland Regulations › Title 24 - DEPARTMENT OF COMMERCE › Subtitle 05 - ECONOMIC DEVELOPMENT › Chapter 24.05.22 - Maryland E-Nnovation Initiative Program › Section 24.05.22.07 - Distributions - Authority Review

Current through Register Vol. 51, No. 14, July 12, 2024
A. The Authority shall conduct a review of each request for distribution of matching funds from the Fund for compliance with the provisions of the Act and this chapter.
B. The Authority shall use the nonprofit institution of higher education's approved research endowment plan to determine if requests for distributions from the Fund are valid and shall consider any additional information or details that expand upon the specific area of research, including endowment research plans, strategies, objectives, and projected outcomes.
C. In addition to the factors set forth in Economic Development Article, §
									6-618(c), Annotated Code of Maryland, in evaluating a request for distribution from the Fund, the Authority shall consider the following factors:
(1) Whether the request for a distribution is consistent with and will further the goals and objectives of the nonprofit institution of higher education as expressed in the approved research endowment plan; and
(2) Whether the qualified donation is greater than the amount of the requested distribution of matching funds from the Fund.
Code of Maryland Regulations › Title 24 - DEPARTMENT OF COMMERCE › Subtitle 05 - ECONOMIC DEVELOPMENT › Chapter 24.05.22 - Maryland E-Nnovation Initiative Program › Section 24.05.22.08 - Reallocation of Funds

Current through Register Vol. 51, No. 14, July 12, 2024
A. If a nonprofit institution of higher education fails to have deposited into its research endowment the required amount of qualified donations within 90 days after the Authority approves a request for distribution of matching funds:
(1) The nonprofit institution of higher education shall return any matching funds received from the Authority with respect to the distribution request within 10 business days of the expiration of the 90-day period; and
(2) Any funds allocated to that nonprofit institution of higher education for the fiscal year that have not been distributed shall be reallocated by the Authority in accordance with the Act and this chapter.
Code of Maryland Regulations › Title 24 - DEPARTMENT OF COMMERCE › Subtitle 05 - ECONOMIC DEVELOPMENT › Chapter 24.05.22 - Maryland E-Nnovation Initiative Program › Section 24.05.22.09 - Reporting Requirements

Current through Register Vol. 51, No. 14, July 12, 2024
A. By September 30, 2016, and annually thereafter, a nonprofit institution of higher education which has received matching funds shall provide an annual report to the Authority, for the 12-month period ending June 30 of that year, that includes a full accounting of the matching funds, endowment proceeds, and adherence to the objectives established by the research endowment plan approved by the Authority.
B. A nonprofit institution of higher education which has received matching funds shall include with the annual report a certification in the form provided by the Authority that the matching funds received by the nonprofit institution of higher education have been used in accordance with the approved research endowment plan and the requirements of the Program.
C. A nonprofit institution of higher education which has received matching funds shall detail in its annual report to the Authority the total amount of qualified donations received, the investment earnings realized, and any anticipated expenditures of the endowment proceeds in its annual operating budget.
D. By September 30, 2021, a nonprofit institution of higher education which has received matching funds shall provide a comprehensive report to the Authority on the impact of the Program on research competitiveness, institutional growth, and infrastructure development. The nonprofit institution of higher education shall articulate clearly the strategic goals realized and those anticipated as a result of its participation in the Program. The comprehensive report shall include a full accounting of all matching funds distributed to the nonprofit institution of higher education, endowment proceeds, outcomes, and designated endowments.
Code of Maryland Regulations › Title 24 - DEPARTMENT OF COMMERCE › Subtitle 05 - ECONOMIC DEVELOPMENT › Chapter 24.05.22 - Maryland E-Nnovation Initiative Program › Section 24.05.22.10 - Audits and Inquiries

Current through Register Vol. 51, No. 14, July 12, 2024
A. Audits.
(1) The Authority may require at any reasonable time an audit of any information submitted to the Authority by the nonprofit institution of higher education in its application, research endowment plan, or request for distribution of matching funds from the Fund.
(2) An audit under §A(1) of this regulation shall be conducted at the expense of the nonprofit institution of higher education by an independent auditor selected by the nonprofit institution of higher education and reasonably satisfactory to the Authority.
(3) The Authority may initiate an audit by delivering to the nonprofit institution of higher education a written request for the performance of an audit stating the scope of the audit to be undertaken and the matters to be examined in the course of the audit.
(4) Within 10 business days after a nonprofit institution of higher education receives a request from the Authority for the performance of an audit under this regulation, the nonprofit institution of higher education shall submit to the Authority a written response naming the independent auditor selected by the nonprofit institution of higher education.
(5) If the Authority approves the auditor, it shall give written notice to the nonprofit institution of higher education that the Authority approves the auditor and shall provide instructions to the auditor for the scope and conduct of the audit.
(6) If the Authority disapproves the auditor, it shall give written notice to the nonprofit institution of higher education of the disapproval and of the reasons for it. The nonprofit institution of higher education, within 5 business days after receipt of the Authority's disapproval of an auditor, shall select an alternative auditor and submit to the Authority a written response naming the alternative independent auditor selected by the nonprofit institution of higher education.
(7) The process under §A(5) and (6) of this regulation for the selection and approval of an auditor will continue until the Authority approves an alternative auditor.
Code of Maryland Regulations › Title 24 - DEPARTMENT OF COMMERCE › Subtitle 05 - ECONOMIC DEVELOPMENT › Chapter 24.05.22 - Maryland E-Nnovation Initiative Program › Section 24.05.22.11 - Noncompliance with Approved Research Endowment Plan

Current through Register Vol. 51, No. 14, July 12, 2024
A. If the Authority discovers from any source, including the reports submitted by a nonprofit institution of higher education to the Authority as set forth in Regulation .09 of this chapter and audit or inquiry responses from a nonprofit institution of higher education to the Authority as set forth in Regulation .10 of this chapter, that a nonprofit institution of higher education is not in compliance with the approved research endowment plan for which the matching funds have been allocated, the Authority shall notify the nonprofit institution of higher education of the noncompliance.
B. Within 10 business days of receipt of notice from the Authority under §A of this regulation, the nonprofit institution shall provide the Authority with a complete written explanation of the noncompliance, including:
(1) All of the facts and circumstances surrounding the noncompliance;
(2) The manner in which the nonprofit institution of higher education proposes to address the noncompliance; and
(3) Such other information as the Authority may request in its notice to the nonprofit institution of higher education under §A of this regulation.
Code of Maryland Regulations › Title 24 - DEPARTMENT OF COMMERCE › Subtitle 05 - ECONOMIC DEVELOPMENT › Chapter 24.05.22 - Maryland E-Nnovation Initiative Program › Section 24.05.22.12 - Waiver

Current through Register Vol. 51, No. 14, July 12, 2024
The Authority may waive or vary particular provisions of this chapter to the extent that a waiver is not inconsistent with the Act if:
A. Conformance to the requirement of any federal, State, or local program necessitates waiver or variance of a regulation; or
B. In the determination of the Authority, the application of a regulation in a specific case or in an emergency situation would be inequitable or contrary to the purposes of the Act.
Code of Maryland Regulations › Title 24 - DEPARTMENT OF COMMERCE › Subtitle 05 - ECONOMIC DEVELOPMENT › Chapter 24.05.23 - One Maryland Economic Development Program for Distressed Counties › Section 24.05.23.01 - Purpose

Current through Register Vol. 51, No. 14, July 12, 2024
This chapter describes the policies, procedures, and authorizations for providing financial assistance to qualified economically distressed counties, or to the Maryland Economic Development Corporation for use in those counties, for the purpose of financing approved economic development plans.
Code of Maryland Regulations › Title 24 - DEPARTMENT OF COMMERCE › Subtitle 05 - ECONOMIC DEVELOPMENT › Chapter 24.05.23 - One Maryland Economic Development Program for Distressed Counties › Section 24.05.23.02 - Definitions

Current through Register Vol. 51, No. 14, July 12, 2024
A. In this chapter, the following terms have the meanings indicated.
B. Terms Defined.
(1) "Act" means Economic Development Article, §
										10-105, Annotated Code of Maryland.
(2) "Applicant" means a qualified governmental entity that is seeking financial assistance from the Department.
(3) "Department" means the Department of Business and Economic Development.
(4) "Financial assistance" means a loan, an investment, or a loan convertible in whole or in part to a grant upon the satisfaction of specified conditions, all upon terms specified by the Department.
(5) "Fund" means the Smart Growth Economic Development Infrastructure Fund which is administered by the Department.
(6) "Loan" means a loan made from the Fund by the Department under the Program.
(7) "MEDCO" means the Maryland Economic Development Corporation which is a body politic and corporate and a public instrumentality of the State of Maryland established by Economic Development Article, §
										10-105, Annotated Code of Maryland.
(8) "Program" means the Smart Growth Economic Development Infrastructure Program, as authorized by the Act.
(9) "Qualified distressed county" means a county, including Baltimore City:
(a) That, in consultation with the municipal corporations located within the county, developed, submitted to the Secretary, and obtained from the Secretary approval for a local strategic plan for economic development; and
(b) For which the average:
(i) Rate of unemployment for the most recent 18-month period for which data are available is greater than 150 percent of the average rate of unemployment for the entire State during that same period, or
(ii) Per capita personal income for the most recent 24-month period for which data are available is equal to or less than 67 percent of the average personal per capita income for the entire State during that same period.
(10) "Secretary" means the Secretary of Business and Economic Development or the Secretary's designee.