reglab/statecodes huggingface dataset:
Code of Maryland Regulations › Title 24 - DEPARTMENT OF COMMERCE › Subtitle 05 - ECONOMIC DEVELOPMENT › Chapter 24.05.09 - Small Business Surety Bond Guaranty Program › Section 24.05.09.05 - Guarantied Bond Terms and Requirements

Current through Register Vol. 51, No. 14, July 12, 2024
A. Guarantied bonds shall meet the requirements in §§B-K of this regulation.
B. Maximum Bond and Guaranty Amount. The Authority may guaranty up to 90 percent of all loss, cost, and reasonable expenses incurred by a surety as a result of its writing bonds for a principal on a contract. The amount of a single bond may not exceed $1,000,000.
C. Surety Bonding Line. The Authority may establish a surety bonding line in order to guaranty multiple bonds to a principal within pre approved terms, conditions, and limitations.
D. Guaranty Fees. As a precondition to the effectiveness of the guaranty, the Authority may require the principal to pay to the Authority a fee of 1/2 of 1 percent of the bond amount and the surety to pay to the Authority 20 percent of the bond premium it charges to the principal. The Authority may, however, in its sole and absolute discretion, set the premiums and fees to be paid to it for providing bonding assistance under this Program. The Authority may also require the principal to reimburse the Authority for expenses incurred in providing the guaranty.
E. Security. The bond shall be secured by a reimbursement or similar agreement including an indemnification by the principal, as well as by such other security (including any form of insurance) as may be required by the Authority.
F. Insurance. Before providing a guaranty, the Authority may require the principal to obtain hazard, casualty, liability, vehicle, business interruption, flood, workers' compensation, or other insurance. The Authority also may require that the principal or the principal's owners and managers obtain and assign to the surety and the Authority key person life insurance in an amount not to exceed the amount of the guaranty.
G. Term. The term of each guaranty may not exceed the contract term.
H. Timeliness.
(1) The Authority may not honor a guaranty of a bond that is issued before the guaranty has been approved by the Authority.
(2) The Authority may not honor a guaranty of a bond that is issued after work under the contract has actually begun without the Authority's consent. The Authority may consent to the guaranty of a bond to be issued after work under the contract has begun if the Authority receives satisfactory evidence that:
(a) The contract has been satisfactorily performed to date; and
(b) All suppliers and subcontractors have been paid to date.
Code of Maryland Regulations › Title 24 - DEPARTMENT OF COMMERCE › Subtitle 05 - ECONOMIC DEVELOPMENT › Chapter 24.05.09 - Small Business Surety Bond Guaranty Program › Section 24.05.09.06 - Application and Processing Procedures

Current through Register Vol. 51, No. 14, July 12, 2024
A. Bond Guaranty Application. Bond guaranty applications shall be made upon standard forms prescribed by the Authority and shall be executed by the principal and the surety. Each application shall include:
(1) A detailed description of the government or utility project, including a copy of the contract;
(2) An itemization of known and estimated costs;
(3) The total amount of investment required to perform the contract;
(4) The funds available to the principal for working capital;
(5) The amount of bonding assistance sought from the Authority;
(6) Information that relates to the inability of the principal to obtain adequate bonding on reasonable terms through normal channels, or an affidavit certifying rejection by a surety;
(7) Information that relates to the financial status of the principal, including:
(a) A balance sheet dated within 90 days of the application,
(b) A profit and loss statement dated within 90 days of the application, and
(c) Credit references;
(8) A schedule of all existing and pending contracts to be performed by the principal and the current status of each contract;
(9) A copy of the filed articles of incorporation, bylaws, partnership agreement, or other organizational documents;
(10) A copy of the financial statements of the principal dated within 90 days of the application; and
(11) Any other relevant information that the Authority requests.
Code of Maryland Regulations › Title 24 - DEPARTMENT OF COMMERCE › Subtitle 05 - ECONOMIC DEVELOPMENT › Chapter 24.05.09 - Small Business Surety Bond Guaranty Program › Section 24.05.09.07 - Nondiscrimination

Current through Register Vol. 51, No. 14, July 12, 2024
Principals may not discriminate against any person on the basis of race, color, religion, national origin, sex, marital status, physical or mental handicap, or age in any aspect of the Program. Each principal shall comply with all applicable federal, State, and local laws and Departmental policies and programs regarding discrimination and equal opportunity in employment, housing, and credit practices including:
A. Title VII of the Civil Rights Act of 1964;
B. The provisions of the Governor's Code of Fair Employment Practices, as amended; and
C. The Department's Minority Business Enterprise Program, as amended.
Code of Maryland Regulations › Title 24 - DEPARTMENT OF COMMERCE › Subtitle 05 - ECONOMIC DEVELOPMENT › Chapter 24.05.09 - Small Business Surety Bond Guaranty Program › Section 24.05.09.08 - Program Administration

Current through Register Vol. 51, No. 14, July 12, 2024
A. An action or decision required or permitted to be taken or made by the Authority pursuant to the Act or these regulations may be taken by the Authority or the Secretary, or their designees, or, to the extent authority is properly delegated by the Authority or the Secretary, by the Executive Director of the Authority.
B. The Secretary may delegate to the Executive Director of the Authority or to any other official or employee of the Department or Authority the authority to review and execute any Program documents.
Code of Maryland Regulations › Title 24 - DEPARTMENT OF COMMERCE › Subtitle 05 - ECONOMIC DEVELOPMENT › Chapter 24.05.09 - Small Business Surety Bond Guaranty Program › Section 24.05.09.09 - False Statements or Reports

Current through Register Vol. 51, No. 14, July 12, 2024
A. A person may not knowingly make or cause any false statement or report to be made:
(1) In any application or in any document furnished to the Authority;
(2) For the purpose of influencing the action of the Authority on an application for assistance or for the purpose of influencing any action of the Authority affecting bonding assistance whether or not the assistance may have already been extended.
Code of Maryland Regulations › Title 24 - DEPARTMENT OF COMMERCE › Subtitle 05 - ECONOMIC DEVELOPMENT › Chapter 24.05.09 - Small Business Surety Bond Guaranty Program › Section 24.05.09.10 - Waiver

Current through Register Vol. 51, No. 14, July 12, 2024
The Authority may waive or vary particular provisions of these regulations to the extent that the waiver is not inconsistent with the Act if:
A. Conformance to the requirements of any federal, State, or local programs in connection with a bond guaranty 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 24.05.09 - Small Business Surety Bond Guaranty Program › Section 24.05.09.11 - Severability

Current through Register Vol. 51, No. 14, July 12, 2024
The provisions of these regulations are severable. A judgment by any court of competent jurisdiction finding or declaring that any provisions of these regulations or the application of any provision to any person or circumstance is invalid does not affect the validity of the remaining provisions of the regulations or any other application of these regulations, and the remaining regulations shall have full force and effect as if no judgment had been entered.
Code of Maryland Regulations › Title 24 - DEPARTMENT OF COMMERCE › Subtitle 05 - ECONOMIC DEVELOPMENT › Chapter 24.05.10 - Equity Participation Investment Program › Section 24.05.10.01 - Purpose

Current through Register Vol. 51, No. 14, July 12, 2024
These regulations prescribe the policies, procedures, and authorizations for providing financing to economically or socially disadvantaged persons owning franchised businesses, acquiring existing businesses, or owning technology-based businesses.
Code of Maryland Regulations › Title 24 - DEPARTMENT OF COMMERCE › Subtitle 05 - ECONOMIC DEVELOPMENT › Chapter 24.05.10 - Equity Participation Investment Program › Section 24.05.10.02 - Objective

Current through Register Vol. 51, No. 14, July 12, 2024
The basic objective of the Program is to provide financial assistance in the form of "equity investments", including loans, or guaranties to qualifying socially or economically disadvantaged persons who wish to begin or develop franchised businesses or acquire existing businesses or technology-based businesses in the State.
Code of Maryland Regulations › Title 24 - DEPARTMENT OF COMMERCE › Subtitle 05 - ECONOMIC DEVELOPMENT › Chapter 24.05.10 - Equity Participation Investment Program › Section 24.05.10.04 - Eligible Applicants

Current through Register Vol. 51, No. 14, July 12, 2024
A. The Authority shall be satisfied that the following requirements to qualify for equity participation financing have been met by applicants who are sole proprietors (and by the owners of at least 70 percent of enterprises that are not sole proprietorships):
(1) The applicant is of good moral character;
(2) As determined from creditors, employers, and other individuals who have personal knowledge of the applicant, the applicant has a reputation for financial responsibility;
(3) The applicant shall be a resident of Maryland or the applicant's principal place of business shall be in Maryland;
(4) The applicant is unable to obtain adequate business financing on reasonable terms through normal lending channels because the applicant:
(a) Belongs to a group that historically has been deprived of access to normal economic or financial resources because of race, color, creed, sex, religion, or national origin;
(b) Has an identifiable physical handicap that severely limits the ability of the applicant to obtain financial assistance, but does not limit the ability of the applicant to perform the activity for which the applicant would be receiving financial assistance;
(c) Has any other social or economic impediment that is beyond the personal control of the applicant, such as lack of formal education or financial capacity or geographical or regional economic distress but that does not limit the ability of the applicant to perform the activity for which the applicant would be receiving financial assistance; or
(d) Does not meet the established credit criteria of at least one financial institution;
(5) The applicant or owners of the applicant who qualify as socially or economically disadvantaged under §A(4) of this regulation shall actually control as well as own at least 70 percent of the enterprise.
Code of Maryland Regulations › Title 24 - DEPARTMENT OF COMMERCE › Subtitle 05 - ECONOMIC DEVELOPMENT › Chapter 24.05.10 - Equity Participation Investment Program › Section 24.05.10.05 - Eligible Franchisors

Current through Register Vol. 51, No. 14, July 12, 2024
To be eligible for equity participation financing involving a franchise, an applicant shall obtain or plan to obtain a franchise from a franchisor meeting the following requirements:
A. The franchisor's trademarks, patents, and service marks shall be registered;
B. The franchisor shall:
(1) Have complied with State and federal disclosure and registration laws pertaining to franchising,
(2) Be able to explain, to the Authority's satisfaction, all suits and other legal actions pending against it,
(3) Have the financial resources to support a franchise system,
(4) Be creditworthy by commercial banking standards,
(5) Have been in business for a period of time which demonstrates its capacity to survive successfully in the marketplace,
(6) Have at least one company-owned outlet to function as a prototype store and training facility,
(7) Have existing franchised outlets that have operated successfully in the marketplace;
Code of Maryland Regulations › Title 24 - DEPARTMENT OF COMMERCE › Subtitle 05 - ECONOMIC DEVELOPMENT › Chapter 24.05.10 - Equity Participation Investment Program › Section 24.05.10.06 - Eligible Uses

Current through Register Vol. 51, No. 14, July 12, 2024
The proceeds of the equity participation financing may be used for the purposes approved by the Authority, which may include, but are not limited to, working capital, acquisition of inventory, equipment, or real property, construction, renovation, or leasehold improvements.
Code of Maryland Regulations › Title 24 - DEPARTMENT OF COMMERCE › Subtitle 05 - ECONOMIC DEVELOPMENT › Chapter 24.05.10 - Equity Participation Investment Program › Section 24.05.10.07 - Equity Participation Financing Terms and Requirements

Current through Register Vol. 51, No. 14, July 12, 2024
A. Equity participation financings shall meet the requirements in §§B-U of this regulation.
B. The Authority may not own securities representing more than:
(1) 45 percent of the voting stock of the franchisee or own an interest greater than 45 percent in any enterprise engaged in franchising; or
(2) 25 percent of the voting stock of any enterprise acquiring an existing business or own an interest greater than 25 percent in any enterprise acquiring an existing business.
Code of Maryland Regulations › Title 24 - DEPARTMENT OF COMMERCE › Subtitle 05 - ECONOMIC DEVELOPMENT › Chapter 24.05.10 - Equity Participation Investment Program › Section 24.05.10.08 - Application and Processing Procedures

Current through Register Vol. 51, No. 14, July 12, 2024
A. Equity Participation Financing Application. Equity participation financing applications shall be made upon standard forms prescribed by the Authority. Each application shall contain a business plan including the following documentation:
(1) A description of the enterprise and the franchisor, existing business, or technology-based business and their management, product, and market;
(2) A statement of the amount, immediacy of need, and projected use of the capital required;
(3) A statement of the potential economic impact of the purchase of qualified securities;
(4) A copy of the most recent Maryland offering circular of the franchisor;
(5) Information that relates to the satisfaction of the applicant's requirements of Regulation .04 of this chapter;
(6) A copy of the articles of incorporation filed with the state of incorporation, bylaws, partnership agreement, or other organizational documents, and most recent financial statements of the applicant;
(7) A copy of the lease or deed to the property, or the contract or option to purchase the property;
(8) Photographs of the site and any existing buildings; and
(9) Other information the Authority requires.
Code of Maryland Regulations › Title 24 - DEPARTMENT OF COMMERCE › Subtitle 05 - ECONOMIC DEVELOPMENT › Chapter 24.05.10 - Equity Participation Investment Program › Section 24.05.10.09 - Nondiscrimination

Current through Register Vol. 51, No. 14, July 12, 2024
Applicants may not discriminate against any person on the basis of race, color, religion, national origin, sex, marital status, physical or mental handicap, or age in any aspect of the Program. Each applicant shall comply with all applicable federal, State, and local laws and Departmental policies and programs regarding discrimination and equal opportunity in employment, housing, and credit practices including Title VII of the Civil Rights Act of 1964, the provisions of the Governor's Code of Fair Employment Practices, as amended, and the Department's Minority Business Enterprise Program, as amended.
Code of Maryland Regulations › Title 24 - DEPARTMENT OF COMMERCE › Subtitle 05 - ECONOMIC DEVELOPMENT › Chapter 24.05.10 - Equity Participation Investment Program › Section 24.05.10.10 - Program Administration

Current through Register Vol. 51, No. 14, July 12, 2024
A. Any action or decision required or permitted to be taken or made by the Authority pursuant to the Act or these regulations may be taken by the Authority, the Secretary or the Secretary's designee, or, to the extent set forth in the Act or properly delegated by the Authority or the Secretary, the Executive Director of the Authority.
B. The Secretary may delegate to the Executive Director of the Authority or to any other official or employee of the Department the authority to review and execute any equity participation financing documents.
Code of Maryland Regulations › Title 24 - DEPARTMENT OF COMMERCE › Subtitle 05 - ECONOMIC DEVELOPMENT › Chapter 24.05.10 - Equity Participation Investment Program › Section 24.05.10.11 - False Statements

Current through Register Vol. 51, No. 14, July 12, 2024
A. A person may not knowingly make or cause any false statement or report to be made:
(1) In any application or in any document furnished to the Authority;
(2) For the purpose of influencing the action of the Authority on an application for financial assistance or for the purpose of influencing any action of the Authority affecting financial assistance whether or not the assistance may have been already extended.
Code of Maryland Regulations › Title 24 - DEPARTMENT OF COMMERCE › Subtitle 05 - ECONOMIC DEVELOPMENT › Chapter 24.05.10 - Equity Participation Investment Program › Section 24.05.10.12 - Waiver

Current through Register Vol. 51, No. 14, July 12, 2024
The Authority may waive or vary particular provisions of these regulations to the extent that the waiver is not inconsistent with the Act if:
A. Conformance to the requirements of any federal, State, or local programs in connection with an equity participation financing 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 24.05.10 - Equity Participation Investment Program › Section 24.05.10.13 - Severability

Current through Register Vol. 51, No. 14, July 12, 2024
The provisions of these regulations are severable. A judgment by any court of competent jurisdiction finding or declaring that any provisions of these regulations or the application of any provision to any person or circumstance is invalid does not affect the validity of the remaining provisions of the regulations or any other application of these regulations, and the remaining regulations shall have full force and effect as if no judgment had been entered.
Code of Maryland Regulations › Title 24 - DEPARTMENT OF COMMERCE › Subtitle 05 - ECONOMIC DEVELOPMENT › Chapter 24.05.10 - Equity Participation Investment Program › Section 24.05.10.14 - Drug-Free and Alcohol-Free Workplace

Current through Register Vol. 51, No. 14, July 12, 2024
The applicant shall comply, and remain in compliance, with the State's policy concerning drug-free and alcohol-free workplaces, as set forth in COMAR 01.01.1989.18, and shall make a good-faith effort to eliminate illegal drug use and alcohol and drug abuse from places at which work is performed in accordance with equity participation financing.
Code of Maryland Regulations › Title 24 - DEPARTMENT OF COMMERCE › Subtitle 05 - ECONOMIC DEVELOPMENT › Chapter 24.05.11 - BRAC Revitalization and Incentive Program › Section 24.05.11.01 - Objective

Current through Register Vol. 51, No. 14, July 12, 2024
A. The objective of the BRAC Revitalization and Incentive Zone Program is to manage growth in the State related to the federal Base Realignment and Closure (BRAC) Commission recommendations.
B. By managing growth, the Program will:
(1) Enhance the State's ability to preserve natural resources;
(2) Enhance the vitality of older neighborhoods; and
(3) Increase the State's return on infrastructure investment by:
(a) Encouraging new development within designated growth areas;
(b) Directing growth related to BRAC in areas that are served by public infrastructure and mass transit facilities; and
(c) Providing financial incentives to local governments to provide the infrastructure necessary to encourage BRAC households to locate in those designated growth areas.
Code of Maryland Regulations › Title 24 - DEPARTMENT OF COMMERCE › Subtitle 05 - ECONOMIC DEVELOPMENT › Chapter 24.05.11 - BRAC Revitalization and Incentive Program › Section 24.05.11.02 - Purpose

Current through Register Vol. 51, No. 14, July 12, 2024
This chapter describes the procedures that shall be used by the Secretary of Business and Economic Development to designate zones and to establish the requirements an area shall meet in order to be designated a zone.
Code of Maryland Regulations › Title 24 - DEPARTMENT OF COMMERCE › Subtitle 05 - ECONOMIC DEVELOPMENT › Chapter 24.05.11 - BRAC Revitalization and Incentive Program › Section 24.05.11.03 - Scope and Administration

Current through Register Vol. 51, No. 14, July 12, 2024
The Secretary of Business and Economic Development shall administer the BRAC Revitalization and Incentive Zone Program. The Department of Assessments and Taxation and the Comptroller shall administer the activities relating to revenue and taxes. The procedures set forth in this chapter are applicable to the designation of zones and the administration of the State BRAC Revitalization and Incentive Zone Program. The State BRAC Revitalization and Incentive Zone Program is independent of the State Enterprise Zone Program and of any federal enterprise zone program or designation.
Code of Maryland Regulations › Title 24 - DEPARTMENT OF COMMERCE › Subtitle 05 - ECONOMIC DEVELOPMENT › Chapter 24.05.11 - BRAC Revitalization and Incentive Program › Section 24.05.11.05 - Eligible Applicants for BRAC Revitalization and Incentive Zone Designation

Current through Register Vol. 51, No. 14, July 12, 2024
A. Eligible applicants include all political subdivisions.
B. The following political subdivisions may apply to the Secretary to designate a zone:
(1) A political subdivision for an area within that political subdivision;
(2) With the prior consent of the municipal corporation, a county on behalf of a municipal corporation for an area in a municipal corporation; or
(3) Two or more political subdivisions jointly for an area astride their common boundaries.
Code of Maryland Regulations › Title 24 - DEPARTMENT OF COMMERCE › Subtitle 05 - ECONOMIC DEVELOPMENT › Chapter 24.05.11 - BRAC Revitalization and Incentive Program › Section 24.05.11.06 - Designations of BRAC Revitalization and Incentive Zones

Current through Register Vol. 51, No. 14, July 12, 2024
A. Within 60 days after a submission date, the Secretary may designate one or more zones from among the areas described in the applications which were timely submitted.
B. The Secretary shall determine and approve the precise location and boundaries of a zone on the basis of an application for designation, or permitted amendments to the application.
C. Before a designation of a zone, the Secretary shall consult with:
(1) The Secretary of Transportation;
(2) The Secretary of Housing and Community Development;
(3) The Secretary of the Environment; and
(4) The Secretary of Planning.
Code of Maryland Regulations › Title 24 - DEPARTMENT OF COMMERCE › Subtitle 05 - ECONOMIC DEVELOPMENT › Chapter 24.05.11 - BRAC Revitalization and Incentive Program › Section 24.05.11.07 - Expansions of BRAC Revitalization and Incentive Zones

Current through Register Vol. 51, No. 14, July 12, 2024
A. The Secretary may permit the expansion of a designated zone into an area that meets the requirements of Economic Development Article, §
									5-1303, Annotated Code of Maryland, and this chapter.
B. A political subdivision may apply to the Secretary for permission to expand an existing zone in the same manner as the political subdivision would apply to designate a new zone.
C. The political subdivision or subdivisions that originally obtained the zone designation shall apply for the expansion.
D. The application for expansion of a designated zone shall set forth the basis for the request for expansion but need not duplicate data submitted for the original designation if the data submitted is sufficient for the Secretary to determine the relation of the geographic area of the existing zone to the geographic area of the proposed expansion of that zone.
E. The designation period for the expansion of the zone runs simultaneously with the period of the original zone designation and expires at the same time as the original zone designation.
Code of Maryland Regulations › Title 24 - DEPARTMENT OF COMMERCE › Subtitle 05 - ECONOMIC DEVELOPMENT › Chapter 24.05.11 - BRAC Revitalization and Incentive Program › Section 24.05.11.08 - Extraordinary Expansions of BRAC Revitalization and Incentive Zones

Current through Register Vol. 51, No. 14, July 12, 2024
A. The Secretary may grant an extraordinary expansion of a zone each calendar year for an area that:
(1) Meets the requirements of Economic Development Article, §
										5-1303, Annotated Code of Maryland, and this chapter; and
(2) In the determination of the Secretary, is of strategic importance to the economic development interests of the county in which the zone is located.
Code of Maryland Regulations › Title 24 - DEPARTMENT OF COMMERCE › Subtitle 05 - ECONOMIC DEVELOPMENT › Chapter 24.05.11 - BRAC Revitalization and Incentive Program › Section 24.05.11.09 - Limits on Designations of BRAC Revitalization and Incentive Zones

Current through Register Vol. 51, No. 14, July 12, 2024
A. The Secretary may not designate more than six zones in a calendar year.
B. Limit on Number of Zones Designated.
(1) A county may not receive more than two zones.
(2) A joint application by two or more counties counts as one designation of an area as a zone for each county.
(3) A joint application by two or more municipalities within the same county counts as one designation of an area as a zone within the county.
(4) A joint application by a county and a municipality located within an adjoining county counts as one designation of an area as a zone for each county.
(5) Except as provided in §B(6) of this regulation, an application for expansion of a designated zone is considered a new zone request and is counted as one additional designation of an area as a zone for the appropriate county or counties.
(6) An expansion of a zone that does not exceed 50 percent of the existing geographic area of the zone is not considered a new zone request and does not count toward the limit set forth in §A or B(1) of this regulation.
(7) An extraordinary expansion of a zone does not count towards the limit set forth in §A or B(1) of this regulation.
(8) The Secretary may not grant more than two extraordinary expansions of zones throughout the State in any calendar year.
Code of Maryland Regulations › Title 24 - DEPARTMENT OF COMMERCE › Subtitle 05 - ECONOMIC DEVELOPMENT › Chapter 24.05.11 - BRAC Revitalization and Incentive Program › Section 24.05.11.10 - Designation and Notice; Reapplication

Current through Register Vol. 51, No. 14, July 12, 2024
A. A designation by the Secretary of an area as a zone is final.
B. The Secretary shall give written notice of a designation to both a political subdivision that receives a designation and the State agencies that will provide tax credits and other incentives and initiatives.
C. The Secretary shall notify a political subdivision that does not receive a requested designation in writing. The political subdivision may reapply for a designation at any time by resubmitting the previously filed application or a revised application.
Code of Maryland Regulations › Title 24 - DEPARTMENT OF COMMERCE › Subtitle 05 - ECONOMIC DEVELOPMENT › Chapter 24.05.11 - BRAC Revitalization and Incentive Program › Section 24.05.11.11 - Mandatory Requirements for Designation of a BRAC Revitalization and Incentive Zone

Current through Register Vol. 51, No. 14, July 12, 2024
A. A political subdivision shall demonstrate in its application that an area meets all of the following requirements in order to receive the Secretary's designation of the area as a zone:
(1) That the area is located within a priority funding area;
(2) That the area is served by a public or community water and sewer system, or is planned to be served by a public or community water and sewer system under the approved 10-year water and sewer plan;
(3) That the area is designated by the political subdivision for mixed use development that includes residential uses as part of the mix of land uses;
(4) That, at the time of the filing of the application, the area has an average density of at least 3.5 units per acre, calculated in accordance with State Finance and Procurement Article, § 5-7 B-03, Annotated Code of Maryland, in that part of the area designated for residential use or development; and
(5) If a political subdivision is authorized under Tax-Property Article, §7-211.3, Annotated Code of Maryland, to enter into a PILOT agreement with a private developer for a federal enclave property, that the political subdivision has entered into good faith negotiations, in the judgment of the Secretary, for a PILOT agreement with all private developers of federal enclave property within the county.
Code of Maryland Regulations › Title 24 - DEPARTMENT OF COMMERCE › Subtitle 05 - ECONOMIC DEVELOPMENT › Chapter 24.05.11 - BRAC Revitalization and Incentive Program › Section 24.05.11.12 - Requirements for Priority Consideration for Designation of a BRAC Revitalization and Incentive Zone

Current through Register Vol. 51, No. 14, July 12, 2024
A. The Secretary will give an area priority in consideration for designation of an area as a zone if the area is within one-half mile of a present or planned:
(1) MARC station along the Penn, Camden, or Brunswick lines;
(2) Baltimore Metro Subway station;
(3) Baltimore MTA Light Rail station; or
(4) Metrorail System station in the State.
Code of Maryland Regulations › Title 24 - DEPARTMENT OF COMMERCE › Subtitle 05 - ECONOMIC DEVELOPMENT › Chapter 24.05.11 - BRAC Revitalization and Incentive Program › Section 24.05.11.14 - Other Application Requirements

Current through Register Vol. 51, No. 14, July 12, 2024
A. Applications Generally.
(1) An application must be received in the Office of the Secretary, Department of Business and Economic Development, on or before any submission date.
(2) An application shall be complete, meet all requirements of the Act and this chapter, and be properly signed by the chief elected officer, or officers in the case of a joint application, or, if none, by the governing body of each of the political subdivisions.
(3) The Secretary may permit any political subdivision to amend its application at any time before the Secretary acts upon the application.
Code of Maryland Regulations › Title 24 - DEPARTMENT OF COMMERCE › Subtitle 05 - ECONOMIC DEVELOPMENT › Chapter 24.05.11 - BRAC Revitalization and Incentive Program › Section 24.05.11.15 - Annual Report

Current through Register Vol. 51, No. 14, July 12, 2024
A political subdivision with a zone designation shall submit an annual report to the Department by October 15 of the year after the designation of the zone, and by October 15 of each of the succeeding years until the year after the expiration and termination of the zone. The report shall assess with respect to each zone within the boundaries of the political subdivision the effectiveness of the benefits provided to the zone or zones in attracting and retaining businesses within the zone or zones, 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 24.05.11 - BRAC Revitalization and Incentive Program › Section 24.05.11.16 - Period of Availability

Current through Register Vol. 51, No. 14, July 12, 2024
The designation of an area as a zone is effective for 10 years, as provided in the Act.
Code of Maryland Regulations › Title 24 - DEPARTMENT OF COMMERCE › Subtitle 05 - ECONOMIC DEVELOPMENT › Chapter 24.05.11 - BRAC Revitalization and Incentive Program › Section 24.05.11.17 - Qualified Property-Categories

Current through Register Vol. 51, No. 14, July 12, 2024
A. Establishing Categories of Qualified Property.
(1) In consultation with the BRAC Subcabinet, the Department establishes categories of commercial or residential property that enhance the economic development of zones. The categories are deliberately broad and provisional to allow for flexibility and innovation in the planning and development of zones. The Department will update, revise, and amend the categories from time to time to take account of:
(a) Experience and local, regional, and Statewide changes in population distribution;
(b) The availability of regional transit and transportation facilities;
(c) Market demand for various land uses and services; and
(d) Other factors, including those enumerated in Regulation .14A of this chapter.
Code of Maryland Regulations › Title 24 - DEPARTMENT OF COMMERCE › Subtitle 05 - ECONOMIC DEVELOPMENT › Chapter 24.05.11 - BRAC Revitalization and Incentive Program › Section 24.05.11.18 - 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.
Code of Maryland Regulations › Title 24 - DEPARTMENT OF COMMERCE › Subtitle 05 - ECONOMIC DEVELOPMENT › Chapter 24.05.12 - Cellulosic Ethanol Technology Research and Development Tax Credit › Section 24.05.12.01 - Purpose

Current through Register Vol. 51, No. 14, July 12, 2024
This chapter describes the:
A. Requirements for a taxpayer to receive a certificate allowing it to claim a credit against the State income tax for Maryland qualified cellulosic ethanol research and development expenses; and
B. Procedures that will be used by the Department of Business and Economic Development to:
(1) Receive, review, evaluate, and approve or disapprove applications for tax credits; and
(2) Issue tax credit certificates.
Code of Maryland Regulations › Title 24 - DEPARTMENT OF COMMERCE › Subtitle 05 - ECONOMIC DEVELOPMENT › Chapter 24.05.12 - Cellulosic Ethanol Technology Research and Development Tax Credit › Section 24.05.12.02 - Scope and Administration

Current through Register Vol. 51, No. 14, July 12, 2024
The Department of Business and Economic Development administers the certification of the amount of the cellulosic ethanol technology research and development tax credit. The Comptroller of the Treasury administers the tax credit.
Code of Maryland Regulations › Title 24 - DEPARTMENT OF COMMERCE › Subtitle 05 - ECONOMIC DEVELOPMENT › Chapter 24.05.12 - Cellulosic Ethanol Technology Research and Development Tax Credit › Section 24.05.12.03 - 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) "Business entity" means a sole proprietorship, corporation, business trust, partnership, limited partnership, limited liability company, or other pass-through entity, or other entity doing business in the State.
(2) "Cellulosic ethanol technology" means technology that is used to develop cellulosic biomass for conversion to ethanol fuel.
(3) "Certificate" means a certificate issued by the Department stating the credit amount approved by the Department.
(4) "Comptroller" means the Maryland Comptroller of the Treasury, or the Comptroller's designee.
(5) "Credit" means the credit against the State income tax for Maryland qualified research and development expenses equal to the credit amount approved by the Secretary in a certificate.
(6) "Credit amount" means the amount in money approved by the Department with respect to a business entity's Maryland qualified research and development expenses and set out in a certificate.
(7) "Department" means the Department of Business and Economic Development.
(8) "Maryland qualified research and development expenses" means qualified research expenses, as defined in 26 U.S.C. §
											41(b) and 26 CFR §§ 1.41.0-1.41.8, as amended, which are incorporated by reference, paid or incurred for cellulosic ethanol technology research and development that is conducted in the State.
(9) "Research and development" means qualified research as defined in 26 U.S.C. §
											41(d) and 26 CFR §§ 1.41.0-1.41.8, as amended, which are incorporated by reference.
(10) "Secretary" means the Secretary of the Department, or the Secretary's designee.
(11) "State" means the State of Maryland.
(12) "Taxable year" means the period for which the taxpayer's State income tax return is filed, which shall be the same as that for which the taxpayer's federal income tax return is filed.
(13) "Taxpayer" means an individual, fiduciary, or business entity required to pay an income tax or file an income tax return with the State.
Code of Maryland Regulations › Title 24 - DEPARTMENT OF COMMERCE › Subtitle 05 - ECONOMIC DEVELOPMENT › Chapter 24.05.12 - Cellulosic Ethanol Technology Research and Development Tax Credit › Section 24.05.12.04 - Calculation of Tax Credit

Current through Register Vol. 51, No. 14, July 12, 2024
A taxpayer may claim a credit against the State income tax in an amount equal to 10 percent of the Maryland qualified research and development expenses paid or incurred by the taxpayer during the taxable year.
Code of Maryland Regulations › Title 24 - DEPARTMENT OF COMMERCE › Subtitle 05 - ECONOMIC DEVELOPMENT › Chapter 24.05.12 - Cellulosic Ethanol Technology Research and Development Tax Credit › Section 24.05.12.05 - Calculation of Credit for Partial or Short Taxable Year

Current through Register Vol. 51, No. 14, July 12, 2024
A. The Maryland qualified research and development expenses for a partial year taxpayer are:
(1) The actual Maryland qualified research and development expenses incurred during the partial taxable year; or
(2) The total Maryland qualified research and development expenses incurred during the entire taxable year multiplied by a fraction:
(a) The numerator of which is the number of days in the calendar year included in the partial taxable year; and
(b) The denominator of which is 365.
Code of Maryland Regulations › Title 24 - DEPARTMENT OF COMMERCE › Subtitle 05 - ECONOMIC DEVELOPMENT › Chapter 24.05.12 - Cellulosic Ethanol Technology Research and Development Tax Credit › Section 24.05.12.06 - Maximum Annual Credits

Current through Register Vol. 51, No. 14, July 12, 2024
The total amount of credits approved by the Department under this chapter may not exceed $250,000 for any calendar year.
Code of Maryland Regulations › Title 24 - DEPARTMENT OF COMMERCE › Subtitle 05 - ECONOMIC DEVELOPMENT › Chapter 24.05.12 - Cellulosic Ethanol Technology Research and Development Tax Credit › Section 24.05.12.08 - Certification of Credit

Current through Register Vol. 51, No. 14, July 12, 2024
A. The Department shall certify to the taxpayer or the business entity the amount of the credit approved by the Department for the business entity. The Department shall issue the certification, in a form approved by the Secretary, by December 15 of the calendar year following the end of the taxable year in which the Maryland qualified research and development expenses were incurred.
B. If the total amount of the credits applied for by all business entities exceeds the maximum credit amounts available under Regulation .06 of this chapter, then the Department shall approve a credit for each business entity in an amount equal to the product of multiplying the credit applied for by the business entity times a fraction:
(1) The numerator of which is the maximum specified under Regulation .06 of this chapter; and
(2) The denominator of which is the total of all credits applied for by all business entities in the calendar year.
Code of Maryland Regulations › Title 24 - DEPARTMENT OF COMMERCE › Subtitle 05 - ECONOMIC DEVELOPMENT › Chapter 24.05.12 - Cellulosic Ethanol Technology Research and Development Tax Credit › Section 24.05.12.09 - Determining Whether Research or Development is Conducted in the State

Current through Register Vol. 51, No. 14, July 12, 2024
A. All the cellulosic ethanol technology research or development activities conducted, performed, or carried on by or on behalf of the business entity for which the business entity applies for a credit must have been performed, conducted, or carried on in the State.
B. If the business entity contracts or makes arrangements of any kind, however styled, for the performance, conduct, or carrying on of cellulosic ethanol technology research and development activities on behalf of the business entity by third parties, the person or firm performing, conducting, or carrying on cellulosic ethanol technology research or development activities for or on behalf of the business entity and for which the business entity applies for a credit must have performed, conducted, or carried on all of those cellulosic ethanol technology research or development activities in the State.
C. All supplies used in the cellulosic ethanol technology research and development activities for or on behalf of the business entity for which the business entity applies for a credit must have been consumed in the State.
D. Business entities making application for a tax credit shall maintain accounting books, records, and systems that account for cellulosic ethanol technology research and development activities and Maryland qualified research and development expenses in accordance with:
(1) Federal and State income tax laws and regulations; and
(2) Generally accepted accounting principles.
Code of Maryland Regulations › Title 24 - DEPARTMENT OF COMMERCE › Subtitle 05 - ECONOMIC DEVELOPMENT › Chapter 24.05.12 - Cellulosic Ethanol Technology Research and Development Tax Credit › Section 24.05.12.10 - Claiming the Credit

Current through Register Vol. 51, No. 14, July 12, 2024
To claim the credit approved by the Department, a taxpayer shall:
A. File an amended income tax return for the taxable year in which the Maryland qualified research and development expense was incurred; and
B. Attach a copy of the Department's certification to the amended income tax return.
Code of Maryland Regulations › Title 24 - DEPARTMENT OF COMMERCE › Subtitle 05 - ECONOMIC DEVELOPMENT › Chapter 24.05.12 - Cellulosic Ethanol Technology Research and Development Tax Credit › Section 24.05.12.11 - Carryover of Tax Credit

Current through Register Vol. 51, No. 14, July 12, 2024
A. If the credit allowed in any taxable year exceeds a taxpayer's State income tax for that taxable year, the taxpayer may apply the excess as a credit against the State income tax for succeeding taxable years until the earlier of:
(1) The full amount of the excess is used; or
(2) The expiration of the 15th taxable year after the taxable year in which the Maryland qualified research and development expense was incurred.
Code of Maryland Regulations › Title 24 - DEPARTMENT OF COMMERCE › Subtitle 05 - ECONOMIC DEVELOPMENT › Chapter 24.05.12 - Cellulosic Ethanol Technology Research and Development Tax Credit › Section 24.05.12.12 - Affiliated Corporations and Entities under Common Control

Current through Register Vol. 51, No. 14, July 12, 2024
A. All members of the same controlled group of corporations, as defined in 26 U.S.C. §
										41(f), and all entities under common control, whether incorporated or not, shall be treated as a single taxpayer for purposes of the tax credit.
B. The credit allowable to each member shall be determined by multiplying the total credits certified by the Department for the controlled group by a fraction:
(1) The numerator of which is the Maryland qualified research and development expenses incurred by the separate member; and
(2) The denominator of which is the total Maryland qualified research and development expenses incurred by all members of the controlled group.
Code of Maryland Regulations › Title 24 - DEPARTMENT OF COMMERCE › Subtitle 05 - ECONOMIC DEVELOPMENT › Chapter 24.05.12 - Cellulosic Ethanol Technology Research and Development Tax Credit › Section 24.05.12.13 - Mergers and Acquisitions

Current through Register Vol. 51, No. 14, July 12, 2024
A. In determining the carryover of unused credits and the effect of a merger or acquisition, federal law shall be applied to the corporations as if they were separate corporations. Any provisions under federal law that would allow separate corporations that are merged or acquired to carry forward unused credits on the surviving corporation's returns shall apply to the carryover of this credit for State purposes.
B. Unused Credits.
(1) In a transaction involving an asset purchase, unused credits:
(a) Do not transfer from the target business entity to the purchaser; and
(b) Remain with the target business entity.
Code of Maryland Regulations › Title 24 - DEPARTMENT OF COMMERCE › Subtitle 05 - ECONOMIC DEVELOPMENT › Chapter 24.05.12 - Cellulosic Ethanol Technology Research and Development Tax Credit › Section 24.05.12.14 - Short Taxable Years

Current through Register Vol. 51, No. 14, July 12, 2024
A. Eligible Expenses. A taxpayer may only claim the credit for Maryland qualified research and development expenses incurred during its taxable year. If the business entity has a short taxable year, only the Maryland qualified research and development expenses incurred during the short taxable year are allowed on the short year return.
B. If the business entity incurs Maryland qualified research and development expenses 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 Maryland qualified research and development expenses incurred during the short taxable year; and
(2) The denominator of which is the Maryland qualified research and development expenses incurred during the entire calendar year.
Code of Maryland Regulations › Title 24 - DEPARTMENT OF COMMERCE › Subtitle 05 - ECONOMIC DEVELOPMENT › Chapter 24.05.12 - Cellulosic Ethanol Technology Research and Development Tax Credit › Section 24.05.12.15 - 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 Maryland individual income tax return, the amount of the credit claimed shall be added to federal adjusted gross income to calculate the individual's Maryland adjusted gross income.
B. Corporations. To the extent a corporation is allowed a credit on its Maryland income tax return, the amount of the credit claimed shall be added to federal taxable income to calculate the corporation's Maryland modified income.