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Current as of December 31, 2021 | Updated by FindLaw Staff
(a) In this subtitle the following words have the meanings indicated.
(b) “Benefit year” means a taxable year in which a qualified business entity claims a program benefit established under § 6-904 of this subtitle.
(c) “Business entity” means a Fortune 100 company.
(d) “Eligible project” means a project established and operated by a business entity that meets the requirements set forth under § 6-903 of this subtitle.
(e) “Program” means the Promoting ext-Raordinary Innovation in Maryland's Economy Program established under this subtitle.
(f) “Qualified business entity” means a business entity operating an eligible project under this subtitle.
(g)(1) “Qualified position” means a position that:
(i) is full-time and of indefinite duration;
(ii) pays at least $60,000 but not more than $500,000 each year;
(iii) is newly created and located at a single eligible project in the State; and
(iv) is filled.
(2) “Qualified position” does not include a position that is:
(i) created when an employment function is shifted from an existing facility of a business entity in the State to another facility of the same business entity if the position is not a net new job in the State;
(ii) created through a change in ownership of a trade or business;
(iii) created through a consolidation, merger, or restructuring of a business entity if the position is not a net new job in the State;
(iv) created when an employment function is contractually shifted from an existing business entity to another business entity in the State if the position is not a net new job in the State; or
(v) filled for a period of less than 12 months.
Cite this article: FindLaw.com - Maryland Code, Economic Development § 6-901 - last updated December 31, 2021 | https://codes.findlaw.com/md/economic-development/md-code-econ-dev-sect-6-901/
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs.
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