reglab/statecodes huggingface dataset:
Code of Maryland Regulations › Title 24 - DEPARTMENT OF COMMERCE › Subtitle 05 - ECONOMIC DEVELOPMENT › Chapter 24.05.03 - Biotechnology Investment Incentive Tax Credit › Section 24.05.03.01 - Purpose

Current through Register Vol. 51, No. 14, July 12, 2024
A. This chapter describes the:
(1) Requirements for a qualified investor to receive a certificate allowing it to claim a credit against the State income tax for an investment in a qualified Maryland biotechnology company;
(2) Criteria to be applied by the Department of Business and Economic Development to determine whether a company will be certified as a qualified Maryland biotechnology company; and
(3) Procedures to be used by the Department of Business and Economic Development to:
(a) Receive, review, and approve or disapprove applications by investors claiming eligibility for the tax credit;
(b) Determine whether investors are qualified investors;
(c) Perform a criteria-referenced assessment and evaluation of companies to determine eligibility for certification as a qualified Maryland biotechnology company;
(d) Issue initial and final tax credit certificates;
(e) Issue certificates that a company is a qualified Maryland biotechnology company;
(f) Monitor and audit investments in qualified Maryland biotechnology companies;
(g) Monitor, audit, and make inquiries about:
(i) The continued eligibility of tax credit certificate holders for tax credits;
(ii) The continued eligibility for certification as a qualified Maryland biotechnology company; and
(iii) The continued presence of a qualified Maryland biotechnology company, and the continued maintenance by it of its headquarters and the base of its biotechnology activities, in the State;
(h) Rescind or revoke initial or final tax credit certificates; and
(i) Rescind or revoke certificates that a company is a qualified Maryland biotechnology company.
Code of Maryland Regulations › Title 24 - DEPARTMENT OF COMMERCE › Subtitle 05 - ECONOMIC DEVELOPMENT › Chapter 24.05.03 - Biotechnology Investment Incentive Tax Credit › Section 24.05.03.03 - Applications for Certificate of Eligibility for Tax Credit

Current through Register Vol. 51, No. 14, July 12, 2024
A. Biotechnology Investment Incentive Tax Credit Application. To claim eligibility for a tax credit and to be initially certified as eligible for a tax credit, an applicant shall submit to the Department, not less than 30 days before making an investment in a qualified Maryland biotechnology company, an application on a form approved by the Department.
B. An applicant may not file an application earlier than June 1 of the State fiscal year immediately preceding the State fiscal year in which the applicant intends to make the investment and claim eligibility for a tax credit.
C. Each application shall include the following:
(1) The legal name of the applicant;
(2) The street address of the principal place of business of the applicant, or the street addresses of the principals of the applicant, and the applicant's email address and telephone number;
(3) Except in the case of an individual applicant, the business mailing address, telephone number, and email address of an individual with authority to act on behalf of the applicant;
(4) The federal employer identification number of the applicant or, if the applicant is an individual, the Social Security number of the applicant; and
(5) Any other information required or requested by the Department.
Code of Maryland Regulations › Title 24 - DEPARTMENT OF COMMERCE › Subtitle 05 - ECONOMIC DEVELOPMENT › Chapter 24.05.03 - Biotechnology Investment Incentive Tax Credit › Section 24.05.03.04 - Applications for Certificate of Eligibility for Tax Credit - Required Supporting Documents and Statements

Current through Register Vol. 51, No. 14, July 12, 2024
An applicant shall submit to the Department an application that includes:
A. If the applicant is a corporation or limited liability company:
(1) Its legal name and the street and mailing address of its principal place of business and the applicant's email address and telephone number;
(2) A certified copy of its articles of incorporation, articles of organization, or other organizational documents, and all amendments to them;
(3) A certificate of good standing from the Maryland Department of Assessments and Taxation dated within 30 days of the date the application is filed, unless the applicant is not required to qualify or register to do business in the State of Maryland;
(4) The names and business addresses of its officers and directors; and
(5) The names and addresses of each of its shareholders or members who hold shares directly or indirectly or ownership interests of any class representing 5 percent or more of the total equity capital of the applicant.
Code of Maryland Regulations › Title 24 - DEPARTMENT OF COMMERCE › Subtitle 05 - ECONOMIC DEVELOPMENT › Chapter 24.05.03 - Biotechnology Investment Incentive Tax Credit › Section 24.05.03.05 - Tax Credit Certification Procedures - Initial Certificate

Current through Register Vol. 51, No. 14, July 12, 2024
A. Initial Certificate.
(1) Order of Approval of Applications.
(a) The Department shall review applications on a first-come, first-served basis.
(b) The Department shall disapprove:
(i) Incomplete applications;
(ii) Applications that fail to establish that the applicant is a qualified investor or otherwise eligible to claim a tax credit under this chapter; or
(iii) Applications that fail to establish that the company in which the proposed investment is to be made is a QMBC on the date on which the application is filed.
(c) Disapproved applications shall be treated as not having been filed for the purposes of assigning priority to other applications.
Code of Maryland Regulations › Title 24 - DEPARTMENT OF COMMERCE › Subtitle 05 - ECONOMIC DEVELOPMENT › Chapter 24.05.03 - Biotechnology Investment Incentive Tax Credit › Section 24.05.03.06 - Investment

Current through Register Vol. 51, No. 14, July 12, 2024
A. Investment. Within 30 calendar days after the date of an initial certificate, the applicant shall make the investment in the qualified Maryland biotechnology company.
B. Investment Notice. Within 10 calendar days after the date on which a qualified investor makes the investment in the qualified Maryland biotechnology company, the applicant shall provide to the Department a notice and proof of the making of the investment on a form or forms prescribed by the Department.
C. Evidence of Investment.
(1) The investment notice shall be supported by evidence of the investment and of the equity interest issued or acquired in consideration of the investment. This evidence shall include an affidavit, in a form approved by the Department, of the applicant or its principals affirming under penalty of perjury the facts constituting the making of the investment including:
(a) The date of the investment;
(b) The amount of the investment;
(c) Proof of the receipt of the investment by the qualified Maryland biotechnology company;
(d) A complete description of the nature of the ownership interest in the equity of the qualified Maryland biotechnology company acquired in consideration of the investment; and
(e) For convertible debt, acceptable evidence that the convertible debt instrument has been canceled and proof of conversion of the convertible debt into an investment.
Code of Maryland Regulations › Title 24 - DEPARTMENT OF COMMERCE › Subtitle 05 - ECONOMIC DEVELOPMENT › Chapter 24.05.03 - Biotechnology Investment Incentive Tax Credit › Section 24.05.03.07 - Tax Credit Certification - Final Certificate

Current through Register Vol. 51, No. 14, July 12, 2024
A. The Secretary shall issue a final certificate based on the actual amount of the investment as set forth in the investment notice.
B. The final certificate shall be issued within 30 calendar days after the applicant files the investment notice with the Department.
C. The issuance of the final certificate is subject to the Department's determination that the applicant made the investment and that the information in the application, the investment notice, and other documents is accurate and complete.
D. The final certificate shall include the following:
(1) The information provided under Regulation .03C(1)-(5) of this chapter;
(2) The actual amount of the investment;
(3) The exact date of the investment;
(4) The amount of the credit that can be claimed by the applicant; and
(5) The date of issuance of the final certificate.
Code of Maryland Regulations › Title 24 - DEPARTMENT OF COMMERCE › Subtitle 05 - ECONOMIC DEVELOPMENT › Chapter 24.05.03 - Biotechnology Investment Incentive Tax Credit › Section 24.05.03.08 - Audits and Inquiries

Current through Register Vol. 51, No. 14, July 12, 2024
A. Audits.
(1) The Department may require at any reasonable time before or after the issuance of a certificate that any information provided to the Department by an applicant be audited at the applicant's expense by an independent auditor selected by the applicant and reasonably satisfactory to the Department.
(2) The Department may require at any reasonable time an audit of any information submitted to the Department:
(a) By any company that applies for certification by the Department as a qualified Maryland biotechnology company; or
(b) By any company that has been certified by the Department as a qualified Maryland biotechnology company within the immediate past 4 calendar years.
(3) An audit under §A(2) of this regulation shall include, but is not limited to, the company's ownership, location, finances, capital structure, operations, facilities, equipment, contracts, research, development, and products.
(4) An audit under §A(2) of this regulation shall be conducted at the company's expense by an independent auditor selected by the company and reasonably satisfactory to the Department
(5) The Department may initiate an audit by delivering to the applicant or company 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 an applicant or company receives a request from the Department for the performance of an audit under §A(1) or (2) of this regulation, the applicant or company shall submit to the Department a written response naming the independent auditor selected by the applicant or company.
(7) If the Department approves the auditor, it shall give written notice to the applicant or company that the Department approves the auditor and shall provide instructions to the auditor for the scope and conduct of the audit. If the Department disapproves of the selected auditor, the Department shall give written notice to the applicant or company of the disapproval and of the reasons for it. The applicant or company shall, within 5 business days, select an alternative auditor and submit to the Department a written response naming the alternate independent auditor selected by the applicant or company.
(8) The 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 accepting the selection of an auditor, the auditor shall submit to the Department, and to the applicant or company a full report of its audit procedures, tests, matters examined, and findings.
Code of Maryland Regulations › Title 24 - DEPARTMENT OF COMMERCE › Subtitle 05 - ECONOMIC DEVELOPMENT › Chapter 24.05.03 - Biotechnology Investment Incentive Tax Credit › Section 24.05.03.09 - Rescission of Initial Tax Credit Certificate

Current through Register Vol. 51, No. 14, July 12, 2024
A. Rescission of Initial Certificate. The Secretary shall rescind an initial certificate if the applicant does not file the required notice and proof of the making of the investment within 40 calendar days after the date on which the Department issues an initial certificate. The Department shall notify the applicant and the Comptroller of the rescission.
B. Rescission Notice. The rescission notice shall:
(1) Identify the applicant;
(2) State the applicant's federal taxpayer identification number;
(3) Identify the initial certificate that is rescinded;
(4) State the reason for the rescission; and
(5) State the date on which the rescission is effective.
Code of Maryland Regulations › Title 24 - DEPARTMENT OF COMMERCE › Subtitle 05 - ECONOMIC DEVELOPMENT › Chapter 24.05.03 - Biotechnology Investment Incentive Tax Credit › Section 24.05.03.10 - Revocation of Tax Credit Certificate

Current through Register Vol. 51, No. 14, July 12, 2024
A. The Department may revoke an initial or final certificate if the Department determines that any representation in connection with the application for the certificate was false when made. The revocation may be in full or in part as the Department may determine.
B. The Department shall notify the applicant of the revocation. The revocation notice shall:
(1) Identify the applicant;
(2) State the applicant's federal taxpayer identification number;
(3) Identify the certificate that is revoked;
(4) State the reason for the revocation;
(5) State that the certificate is revoked;
(6) State whether the revocation is in whole or in part;
(7) If the revocation is in part, state what part of the credit amount has been revoked; and
(8) State the date on which the revocation is effective.
Code of Maryland Regulations › Title 24 - DEPARTMENT OF COMMERCE › Subtitle 05 - ECONOMIC DEVELOPMENT › Chapter 24.05.03 - Biotechnology Investment Incentive Tax Credit › Section 24.05.03.11 - Claiming the Tax Credit

Current through Register Vol. 51, No. 14, July 12, 2024
A. Only the applicant is eligible to claim the tax credit, or so much of the tax credit as is allocable to the permitted taxpayer.
B. The applicant may not claim the tax credit until the date of the issuance of the final certificate issued to the applicant.
C. The applicant shall claim the tax credit on the income tax return for the taxable year in which the applicant makes the investment in the qualified Maryland biotechnology company.
D. The date the applicant makes the investment in the qualified Maryland biotechnology company is the exact date of the investment as provided in the final certificate issued to the applicant.
E. The applicant shall claim the tax credit against the State income tax for the amount of the credit as provided in the final certificate issued to the applicant. If the amount of the credit exceeds the total tax otherwise payable for that taxable year, the applicant may claim a refund in the amount of the excess.
F. The applicant shall claim the tax credit by filing the required income tax return, with the following attachments:
(1) A copy of the final certificate issued to the applicant;
(2) An affidavit, in a form approved by the Comptroller, of the applicant or its principals, as provided in §G of this regulation; and
(3) If applicable, a Schedule K-1 or other similar schedule filed with the applicant's federal income tax return showing the items of income, deduction, and credit allocated by the applicant to the owners of interests in the equity of the applicant.
Code of Maryland Regulations › Title 24 - DEPARTMENT OF COMMERCE › Subtitle 05 - ECONOMIC DEVELOPMENT › Chapter 24.05.03 - Biotechnology Investment Incentive Tax Credit › Section 24.05.03.12 - Monitoring Continued Eligibility

Current through Register Vol. 51, No. 14, July 12, 2024
A. At any time before the expiration 4 years after the close of the taxable year for which a tax credit is certified under this chapter, the Department may require an applicant or holder of a certificate to produce and deliver to the Department for inspection any information specified in a written directive from the Department, for the purpose of determining the initial or continuing eligibility of the holder or applicant for tax credits.
B. At any time before the expiration of 4 years after the close of any taxable year for which a tax credit is approved with respect to an investment in a qualified Maryland biotechnology company, the Department may require the biotechnology company to produce and deliver to the Department for inspection any information for the purpose of determining the company's initial or continuing eligibility for certification as a qualified Maryland biotechnology company.
Code of Maryland Regulations › Title 24 - DEPARTMENT OF COMMERCE › Subtitle 05 - ECONOMIC DEVELOPMENT › Chapter 24.05.03 - Biotechnology Investment Incentive Tax Credit › Section 24.05.03.13 - Procedures for Certification of Qualified Maryland Biotechnology Companies

Current through Register Vol. 51, No. 14, July 12, 2024
A. To be certified by the Department as a qualified Maryland biotechnology company, a biotechnology company shall file with the Department a verified application for certification as a qualified Maryland biotechnology company made under oath or affirmation subject to penalty of perjury. An application may be filed at any time.
B. Application.
(1) The application shall be in a form approved from time to time by Department.
(2) The biotechnology company's application shall be complete and shall provide the information and documents required by this chapter and the application form, and in the instructions to the application form.
Code of Maryland Regulations › Title 24 - DEPARTMENT OF COMMERCE › Subtitle 05 - ECONOMIC DEVELOPMENT › Chapter 24.05.03 - Biotechnology Investment Incentive Tax Credit › Section 24.05.03.14 - Criteria for Certification of Qualified Maryland Biotechnology Companies

Current through Register Vol. 51, No. 14, July 12, 2024
A. The Department shall assess the merits of a company's application for certification as a qualified Maryland Biotechnology company according to:
(1) The criteria set forth in this chapter;
(2) The definition of biotechnology stated in §C of this regulation; and
(3) Other metrics and measures that the Secretary may adopt for uniform application under this chapter.
Code of Maryland Regulations › Title 24 - DEPARTMENT OF COMMERCE › Subtitle 05 - ECONOMIC DEVELOPMENT › Chapter 24.05.03 - Biotechnology Investment Incentive Tax Credit › Section 24.05.03.15 - Ownership Attribution

Current through Register Vol. 51, No. 14, July 12, 2024
A. General.
(1) Members of Family.
(a) In General. An individual shall be considered as owning the stock, partnership interest, membership interest, or other equity interest in a company owned, directly or indirectly, by or for the individual's:
(i) Spouse (other than a spouse who is legally separated from the individual under a decree of divorce or separate maintenance); and
(ii) Children, grandchildren, and parents.
Code of Maryland Regulations › Title 24 - DEPARTMENT OF COMMERCE › Subtitle 05 - ECONOMIC DEVELOPMENT › Chapter 24.05.04 - Maryland Industrial Development Financing Authority Conventional Loan Program › Section 24.05.04.01 - Purpose

Current through Register Vol. 51, No. 14, July 12, 2024
These regulations prescribe the policies, procedures, and authorizations for insuring loans or other financial obligations made by financial institutions to businesses to encourage economic development.
Code of Maryland Regulations › Title 24 - DEPARTMENT OF COMMERCE › Subtitle 05 - ECONOMIC DEVELOPMENT › Chapter 24.05.04 - Maryland Industrial Development Financing Authority Conventional Loan Program › Section 24.05.04.02 - Objective

Current through Register Vol. 51, No. 14, July 12, 2024
The basic objective of the Program is to provide financial assistance in order to increase and expand financing opportunities for businesses, to encourage economic development, and to encourage the growth of exports through financial assistance.
Code of Maryland Regulations › Title 24 - DEPARTMENT OF COMMERCE › Subtitle 05 - ECONOMIC DEVELOPMENT › Chapter 24.05.04 - Maryland Industrial Development Financing Authority Conventional Loan Program › Section 24.05.04.03 - Definitions

Current through Register Vol. 51, No. 14, July 12, 2024
A. The terms appearing in these regulations have the meanings defined in the Act and, in addition, the meanings defined here.
B. Terms Defined.
(1) "Act" means Economic Development Article, Title 5, Subtitle 4, inclusive, Annotated Code of Maryland, as amended.
(2) "Applicant" means a corporation, partnership, sole proprietor, joint venture, or individual applying for financial assistance under the Program.
(3) "Authority" means the Maryland Industrial Development Financing Authority.
(4) "County" means any county or Baltimore City.
(5) "Department" means the Department of Business and Economic Development, a principal department of the State.
(6) "Director" means the Executive Director or Associate Director of the Authority.
(7) "Financial institution" means any financial institution as that term is defined in Financial Institutions Article, §
										1-101(h), Annotated Code of Maryland, as well as any other lender approved by the Authority.
(8) "Insurance" means insurance of a loan by the Authority in accordance with the Act.
(9) "Insurance agreement" means the insurance agreement between the lender and the Authority providing for the terms of the Authority's insurance under the Program.
(10) "Lender" means a financial institution that makes a loan that is insured by the Authority under the Program.
(11) "Loan" means any type of financial obligation insured under the Program, including bonds or notes, or other instruments, certificates, or other evidences of obligation issued, offered for sale, or delivered by any person or public body for any purpose found and determined by the Authority to accomplish the purposes of the Act.
(12) "Program" means the Conventional Loan Program, as authorized by the Act.
(13) "Retail establishment" means any establishment selling goods or services to the ultimate user of those goods or services, not for the purpose of resale, but for that user's or consumer's personal rather than business use.
(14) "Secretary" means the Secretary of the Department of Business and Economic Development.
(15) "Working capital" means funds used to pay for the current operations of a business, including, without limitation, supplies, materials, labor, or equipment.
Code of Maryland Regulations › Title 24 - DEPARTMENT OF COMMERCE › Subtitle 05 - ECONOMIC DEVELOPMENT › Chapter 24.05.04 - Maryland Industrial Development Financing Authority Conventional Loan Program › Section 24.05.04.04 - Eligible Borrowers

Current through Register Vol. 51, No. 14, July 12, 2024
Applicants shall meet the following requirements to qualify for loan insurance:
A. Be in good standing and qualified to do business in Maryland, if a corporation, partnership, or other similar entity;
B. Have the legal capacity and all necessary legal authorization to incur the obligations of the loan;
C. Demonstrate creditworthiness and repayment capability acceptable to the Authority.
Code of Maryland Regulations › Title 24 - DEPARTMENT OF COMMERCE › Subtitle 05 - ECONOMIC DEVELOPMENT › Chapter 24.05.04 - Maryland Industrial Development Financing Authority Conventional Loan Program › Section 24.05.04.05 - Eligible Uses

Current through Register Vol. 51, No. 14, July 12, 2024
The proceeds of the loan may be used for any purposes approved by the Authority and permitted by the Act, including:
A. Working capital;
B. Acquisition of real property and the construction of new buildings or renovation of existing buildings;
C. Acquisition and installation of machinery and equipment;
D. The obtaining of additional credit enhancements such as a letter of credit; and
E. Acquisition of stock.
Code of Maryland Regulations › Title 24 - DEPARTMENT OF COMMERCE › Subtitle 05 - ECONOMIC DEVELOPMENT › Chapter 24.05.04 - Maryland Industrial Development Financing Authority Conventional Loan Program › Section 24.05.04.06 - Loan Terms and Requirements

Current through Register Vol. 51, No. 14, July 12, 2024
Loans shall meet the following requirements:
A. Maximum Insurance. The maximum insurance with respect to any one transaction may not exceed the lesser of:
(1) $1,000,000; or
(2) 80 percent of the total of the principal of, redemption or prepayment premiums or penalties on, and interest on, the loan, and the payment or insurance of the payment of any fees or premiums necessary to obtain insurance, guarantees, or other credit support in connection with insurance provided by the Authority under the Act.
Code of Maryland Regulations › Title 24 - DEPARTMENT OF COMMERCE › Subtitle 05 - ECONOMIC DEVELOPMENT › Chapter 24.05.04 - Maryland Industrial Development Financing Authority Conventional Loan Program › Section 24.05.04.07 - Loan Insurance Application and Processing Procedures

Current through Register Vol. 51, No. 14, July 12, 2024
A. Loan Insurance Application. Loan insurance applications shall be made upon standard forms prescribed by the Authority. Each application shall include the following documentation:
(1) A fully completed and properly executed application;
(2) A copy of the articles of incorporation, bylaws, partnership agreement, or other organizational documents;
(3) A detailed description of the proposed use or uses of the proceeds of the loan including projected cash flow analyses, marketing plans, or descriptions and appraisals;
(4) Information that relates to the financial status of the applicant, including:
(a) Annual financial statements prepared in accordance with generally accepted accounting principles for 3-5 of the most recent years,
(b) A current balance sheet,
(c) A recent profit and loss statement,
(d) Financial projections for the next 3 years,
(e) Credit references,
(f) Personal financial statements of any individual applicants and personal guarantors, and
(g) The status of outstanding indebtedness;
(5) A detailed description of the applicant's experience in the trade or business for which the loan and insurance are sought;
(6) Information that relates to the economic impact to be created by the loan; and
(7) Any other relevant information that the Authority requests.
Code of Maryland Regulations › Title 24 - DEPARTMENT OF COMMERCE › Subtitle 05 - ECONOMIC DEVELOPMENT › Chapter 24.05.04 - Maryland Industrial Development Financing Authority Conventional Loan Program › Section 24.05.04.08 - Insurance Premium

Current through Register Vol. 51, No. 14, July 12, 2024
A. Payment of Premium. The Authority shall receive from the lender the first year's insurance premium at closing and after that on each anniversary of the closing date in advance. The Authority may also require the lender or the applicant to reimburse the Authority for expenses it incurs in processing and closing the loan, such as credit reports and appraisals.
B. Computation of Premium. Except as provided in §C of this regulation, the insurance premium shall be calculated as the greater of:
(1) 1/2 of 1 percent of the outstanding insured principal balance for a term loan, and 1/2 of 1 percent of the maximum insured amount for a line of credit; or
(2) $500.
Code of Maryland Regulations › Title 24 - DEPARTMENT OF COMMERCE › Subtitle 05 - ECONOMIC DEVELOPMENT › Chapter 24.05.04 - Maryland Industrial Development Financing Authority Conventional Loan Program › Section 24.05.04.09 - Fees

Current through Register Vol. 51, No. 14, July 12, 2024
The Authority may charge an application or commitment fee reasonably related to the expenses it incurs in processing an application.
Code of Maryland Regulations › Title 24 - DEPARTMENT OF COMMERCE › Subtitle 05 - ECONOMIC DEVELOPMENT › Chapter 24.05.04 - Maryland Industrial Development Financing Authority Conventional Loan Program › Section 24.05.04.10 - Insurance of $50,000 or Less

Current through Register Vol. 51, No. 14, July 12, 2024
The Authority may authorize the Executive Director of the Authority to approve, on behalf of the Authority, any insurance to be provided from the Authorized Purpose Insurance Fund which does not exceed, with respect to any one transaction, the total aggregate amount of $50,000. Any approval by the Executive Director shall:
A. Be subject to the concurrence of the Secretary or the Chairman of the Authority;
B. Comply with the requirements of the Act; and
C. Be binding upon the Authority.
Code of Maryland Regulations › Title 24 - DEPARTMENT OF COMMERCE › Subtitle 05 - ECONOMIC DEVELOPMENT › Chapter 24.05.04 - Maryland Industrial Development Financing Authority Conventional Loan Program › Section 24.05.04.11 - Nondiscrimination

Current through Register Vol. 51, No. 14, July 12, 2024
Each applicant shall comply with all applicable federal, State, and local laws, Executive Orders and Departmental policies 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 24.05.04 - Maryland Industrial Development Financing Authority Conventional Loan Program › Section 24.05.04.12 - Program Administration

Current through Register Vol. 51, No. 14, July 12, 2024
A. The Authority may establish from time to time detailed Program guidelines containing underwriting standards, loan processing requirements, and other requirements or matters relating to the extension of insurance or to the Program. Copies of these guidelines shall be available for examination at the Authority's office. The Authority, upon request, will make copies available to the public.
B. Any action or decision required or permitted to be taken or made by the Department 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 Director of the Authority.
C. The Secretary may delegate to the Director of the Authority or to any other official or employee of the Department the authority to review and execute any Program documents or loan documents.
Code of Maryland Regulations › Title 24 - DEPARTMENT OF COMMERCE › Subtitle 05 - ECONOMIC DEVELOPMENT › Chapter 24.05.04 - Maryland Industrial Development Financing Authority Conventional Loan Program › Section 24.05.04.13 - 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 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 24.05.04 - Maryland Industrial Development Financing Authority Conventional Loan Program › Section 24.05.04.14 - 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 loan or insurance 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 24.05.04 - Maryland Industrial Development Financing Authority Conventional Loan Program › Section 24.05.04.15 - 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 provision 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 24.05.05 - Maryland Industrial Development Financing Authority Bond Program › Section 24.05.05.01 - Purpose

Current through Register Vol. 51, No. 14, July 12, 2024
These regulations prescribe the policies, procedures, and authorizations for insuring loans or other financial obligations made by financial institutions to businesses to encourage economic development.
Code of Maryland Regulations › Title 24 - DEPARTMENT OF COMMERCE › Subtitle 05 - ECONOMIC DEVELOPMENT › Chapter 24.05.05 - Maryland Industrial Development Financing Authority Bond Program › Section 24.05.05.02 - Objective

Current through Register Vol. 51, No. 14, July 12, 2024
The basic objective of the Program is to provide financial assistance in order to increase and expand financing opportunities for businesses and to encourage economic development through financial assistance.
Code of Maryland Regulations › Title 24 - DEPARTMENT OF COMMERCE › Subtitle 05 - ECONOMIC DEVELOPMENT › Chapter 24.05.05 - Maryland Industrial Development Financing Authority Bond Program › Section 24.05.05.03 - Definitions

Current through Register Vol. 51, No. 14, July 12, 2024
A. The terms appearing in these regulations have the meanings defined in the MIDFA Act and the Revenue Bond Act and, in addition, the meanings defined here.
B. Terms Defined.
(1) "Applicant" means a corporation, partnership, sole proprietor, joint venture, or individual applying for financial assistance under the Program.
(2) "Authority" means the Maryland Industrial Development Financing Authority.
(3) "County" means any county or Baltimore City.
(4) "Department" means the Department of Business and Economic Development, a principal department of the State.
(5) "Director" means the Executive Director or Associate Director of the Authority.
(6) "Financial assistance" means the issuance of bonds or insurance under the Program.
(7) "Financial institution" means any financial institution as that term is defined in Financial Institutions Article, §
										1-101(h), Annotated Code of Maryland, as well as any other lender approved by the Authority.
(8) "Insurance" means insurance of a loan by the Authority in accordance with the MIDFA Act.
(9) "Insurance agreement" means the insurance agreement between the lender or its representatives and the Authority providing for the terms of the Authority's insurance under the Program.
(10) "Lender" means a financial institution that makes a loan, purchases a bond, or provides other credit enhancement under the Program.
(11) "Loan" means any type of financial obligation under the Program, including bonds or notes, letters of credit or other instruments, certificates or other evidences of obligation issued, offered for sale or delivered by any person or public body for any purpose found and determined by the Authority to accomplish the purposes of the MIDFA Act and the Revenue Bond Act.
(12) "MIDFA Act" means Economic Development Article, Title 5, Subtitle 4, Annotated Code of Maryland.
(13) "Program" means the Bond Program, as authorized by the MIDFA Act and the Revenue Bond Act.
(14) "Revenue Bond Act" means Economic Development Article, Title 12, Subtitle 1, Annotated Code of Maryland.
(15) "Secretary" means the Secretary of Business and Economic Development.
Code of Maryland Regulations › Title 24 - DEPARTMENT OF COMMERCE › Subtitle 05 - ECONOMIC DEVELOPMENT › Chapter 24.05.05 - Maryland Industrial Development Financing Authority Bond Program › Section 24.05.05.04 - Eligible Applicants

Current through Register Vol. 51, No. 14, July 12, 2024
An applicant shall meet the following requirements to qualify for financial assistance:
A. Be in good standing and qualified to do business in Maryland if a corporation, partnership, or other similar entity;
B. Have the legal capacity and all necessary legal authorization to incur the obligations of the loan;
C. Demonstrate creditworthiness and repayment capability acceptable to the Authority.
Code of Maryland Regulations › Title 24 - DEPARTMENT OF COMMERCE › Subtitle 05 - ECONOMIC DEVELOPMENT › Chapter 24.05.05 - Maryland Industrial Development Financing Authority Bond Program › Section 24.05.05.05 - Eligible Uses

Current through Register Vol. 51, No. 14, July 12, 2024
The proceeds of the loan may be used for any purposes approved by the Authority and permitted by the MIDFA Act and the Revenue Bond Act, including:
A. Acquisition of real property and the construction of new buildings or renovation of existing buildings;
B. Acquisition and installation of machinery and equipment;
C. The obtaining of additional credit enhancements such as a letter of credit or bond insurance; and
D. Payment of costs related to issuance of the bonds and permitted by the MIDFA Act, the Revenue Bond Act, and any applicable federal law.
Code of Maryland Regulations › Title 24 - DEPARTMENT OF COMMERCE › Subtitle 05 - ECONOMIC DEVELOPMENT › Chapter 24.05.05 - Maryland Industrial Development Financing Authority Bond Program › Section 24.05.05.06 - Loan Terms and Requirements

Current through Register Vol. 51, No. 14, July 12, 2024
Loans shall meet the following requirements:
A. Maximum Insurance. The maximum insurance with respect to any one transaction may not exceed the lesser of:
(1) $5,000,000; or
(2) 100 percent of the total of:
(a) The principal of, redemption or prepayment premiums or penalties on, and interest on, the loan,
(b) Principal of, redemption or prepayment premiums or penalties on, and interest on any instrument executed, obtained, or delivered in connection with the issuance and sale of bonds, and
(c) The payment or insurance of the payment of any fees or premiums necessary to obtain insurance, guarantees, or other credit support in connection with insurance provided by the Authority under the MIDFA Act.
Code of Maryland Regulations › Title 24 - DEPARTMENT OF COMMERCE › Subtitle 05 - ECONOMIC DEVELOPMENT › Chapter 24.05.05 - Maryland Industrial Development Financing Authority Bond Program › Section 24.05.05.07 - Application and Processing Procedures

Current through Register Vol. 51, No. 14, July 12, 2024
A. Application. Applications shall be made upon standard forms prescribed by the Authority. Each application shall include the following documentation:
(1) A fully completed and properly executed application;
(2) A copy of the articles of incorporation, bylaws, partnership agreement, or other organizational documents;
(3) A detailed description of the proposed use or uses of the proceeds of the loan including projected cash flow analyses and appraisals, and marketing plans or descriptions if requested by the Authority;
(4) Information that relates to the financial status of the applicant, including:
(a) Annual financial statements prepared in accordance with generally accepted accounting principles for 3-5 of the most recent years,
(b) A current balance sheet,
(c) A recent profit and loss statement,
(d) Financial projections for the next 3 years,
(e) Credit references,
(f) Personal financial statements of any individual applicants and personal guarantors, and
(g) The status of outstanding indebtedness;
(5) A detailed description of the application's experience in the trade or business for which the financial assistance is sought;
(6) Information that relates to the economic impact to be created by the financial assistance; and
(7) Any other revelant information the Authority requests.
Code of Maryland Regulations › Title 24 - DEPARTMENT OF COMMERCE › Subtitle 05 - ECONOMIC DEVELOPMENT › Chapter 24.05.05 - Maryland Industrial Development Financing Authority Bond Program › Section 24.05.05.08 - Requirements of Issuance

Current through Register Vol. 51, No. 14, July 12, 2024
Bonds issued by the Authority shall meet the following requirements before issuance:
A. Approval of Local Political Subdivision. The legislative body of the county or municipality in which the facility to be financed with the proceeds of the bonds is to be located shall adopt a resolution which shall:
(1) Be administrative in nature, not subject to the procedures required for legislative acts, and not subject to referendum;
(2) Specify and describe the facility; and
(3) Generally describe the public purpose to be served by the facility.
Code of Maryland Regulations › Title 24 - DEPARTMENT OF COMMERCE › Subtitle 05 - ECONOMIC DEVELOPMENT › Chapter 24.05.05 - Maryland Industrial Development Financing Authority Bond Program › Section 24.05.05.09 - Participation by Minority Business Enterprise

Current through Register Vol. 51, No. 14, July 12, 2024
When bonds are issued by the Authority, it is in the interest of the public welfare and purpose that the Authority attempt to achieve a goal that 10 percent of the facility users are minority business enterprises within the meaning indicated in the State Finance and Procurement Article, §18-601, Annotated Code of Maryland. The failure to achieve the goal, however, may not affect in any way the:
A. Validity or enforceability of any bonds issued by the Authority;
B. Validity of any finding or determination by the Authority under the MIDFA Act; or
C. Validity or enforceability of any agreement entered into by the Authority under the MIDFA Act.
Code of Maryland Regulations › Title 24 - DEPARTMENT OF COMMERCE › Subtitle 05 - ECONOMIC DEVELOPMENT › Chapter 24.05.05 - Maryland Industrial Development Financing Authority Bond Program › Section 24.05.05.10 - Insurance Premium

Current through Register Vol. 51, No. 14, July 12, 2024
A. Payment of Premium. When providing insurance, the Authority shall receive from the lender the first year's insurance premium at closing and after that on each anniversary of the closing date in advance. The Authority may also require the lender or the applicant to reimburse the Authority for expenses the Authority incurs in processing and closing the loan, such as credit reports and appraisals.
B. Computation of Premium. Except as provided in §C of this regulation, the insurance premium shall be calculated as the greater of:
(1) 1/2 of 1 percent of the oustanding insured principal balance of the loan; or
(2) $500.
Code of Maryland Regulations › Title 24 - DEPARTMENT OF COMMERCE › Subtitle 05 - ECONOMIC DEVELOPMENT › Chapter 24.05.05 - Maryland Industrial Development Financing Authority Bond Program › Section 24.05.05.11 - Fees

Current through Register Vol. 51, No. 14, July 12, 2024
The Authority may charge an application, issuance, commitment, or other fees reasonably related to the expenses it incurs in processing an application and in issuing the bonds.
Code of Maryland Regulations › Title 24 - DEPARTMENT OF COMMERCE › Subtitle 05 - ECONOMIC DEVELOPMENT › Chapter 24.05.05 - Maryland Industrial Development Financing Authority Bond Program › Section 24.05.05.12 - Nondiscrimination

Current through Register Vol. 51, No. 14, July 12, 2024
Each applicant shall comply with all applicable federal, State, and local laws, Executive Orders, and Departmental policies regarding discrimination and equal opportunity in employment, minority business enterprises, housing and credit practices including Title VII of the Civil Rights Act of 1964, and the provisions of the Governor's Code of Fair Employment Practices, as amended.
Code of Maryland Regulations › Title 24 - DEPARTMENT OF COMMERCE › Subtitle 05 - ECONOMIC DEVELOPMENT › Chapter 24.05.05 - Maryland Industrial Development Financing Authority Bond Program › Section 24.05.05.13 - Program Administration

Current through Register Vol. 51, No. 14, July 12, 2024
A. The Authority may establish from time to time detailed Program guidelines containing underwriting standards, loan processing requirements, and other requirements or matters relating to the financial assistance or to the Program. Copies of these guidelines shall be available for examination at the Authority's office. The Authority, upon request, shall make copies available to the public.
B. An action or decision required or permitted to be taken or made by the Department pursuant to the MIDFA 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 MIDFA Act or properly delegated by the Authority or the Secretary, the Director of the Authority.
C. The Secretary or the Authority may delegate to the Director of the Authority or to any other official or employee of the Department the authority to review and execute any Program documents or loan documents.
Code of Maryland Regulations › Title 24 - DEPARTMENT OF COMMERCE › Subtitle 05 - ECONOMIC DEVELOPMENT › Chapter 24.05.05 - Maryland Industrial Development Financing Authority Bond Program › Section 24.05.05.14 - 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 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 24.05.05 - Maryland Industrial Development Financing Authority Bond Program › Section 24.05.05.15 - 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 MIDFA Act or the Revenue Bond Act if:
A. Conformance to the requirements of any federal, State, or local programs in connection with a loan or financial assistance 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 MIDFA Act or the Revenue Bond Act.
Code of Maryland Regulations › Title 24 - DEPARTMENT OF COMMERCE › Subtitle 05 - ECONOMIC DEVELOPMENT › Chapter 24.05.05 - Maryland Industrial Development Financing Authority Bond Program › Section 24.05.05.16 - 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 a State loan.
Code of Maryland Regulations › Title 24 - DEPARTMENT OF COMMERCE › Subtitle 05 - ECONOMIC DEVELOPMENT › Chapter 24.05.06 - Security Clearance Administrative Expenses and Construction and Equipment Costs Tax Credit › Section 24.05.06.01 - 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 an individual, sole proprietorship, partnership, limited partnership, corporation, limited liability company, or other entity that is:
(a) Doing business in the State; and
(b) Organized and operated for profit.
Code of Maryland Regulations › Title 24 - DEPARTMENT OF COMMERCE › Subtitle 05 - ECONOMIC DEVELOPMENT › Chapter 24.05.06 - Security Clearance Administrative Expenses and Construction and Equipment Costs Tax Credit › Section 24.05.06.02 - Calculation of Amount of Credit

Current through Register Vol. 51, No. 14, July 12, 2024
A. For a taxable year beginning after December 31, 2012, but before January 1, 2017, a business entity may claim credits against the State income tax for:
(1) Allowed security clearance administrative expenses, not to exceed $200,000;
(2) Expenses incurred for rental payments owed during the first year of a rental agreement for spaces leased in the State for a small business that performs security-based contracting, not to exceed $200,000; and
(3) Subject to §B of this regulation, approved construction and equipment costs incurred to construct or renovate a single SCIF in an amount equal to the lesser of 50 percent of the costs or $200,000.