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Statutes Text

Article - Economic Development




§2.5–109.    IN EFFECT

    (a)    In this section, “economic development program” means:

        (1)    the Economic Development Opportunities Program Account established under § 7–314 of the State Finance and Procurement Article;

        (2)    the Partnership for Workforce Quality Program established under Title 3, Subtitle 4 of this article;

        (3)    each of the economic development and financial assistance programs established under Title 5 of this article; and

        (4)    each of the tax credit programs administered by the Department, including:

            (i)    the Film Production Activity Tax Credit;

            (ii)    the Job Creation Tax Credit;

            (iii)    the One Maryland Economic Development Tax Credit;

            (iv)    the Biotechnology Investment Incentive Tax Credit;

            (v)    the Research and Development Tax Credit;

            (vi)    the Security Clearance Administrative Expenses and Construction and Equipment Costs Tax Credit;

            (vii)    the Cybersecurity Investment Incentive Tax Credit; and

            (viii)    the Aerospace, Electronics, or Defense Contract Tax Credit.

    (b)    The Department shall compile data in accordance with this section on the economic development programs administered by the Department.

    (c)    On or before December 31, 2013, and each year thereafter, the Department shall submit a report on the economic development programs that were administered by the Department during the previous fiscal year to the Governor and, in accordance with § 2–1257 of the State Government Article, the General Assembly.

    (d)    (1)    The report required under this section shall include the following data, if applicable, on the economic development programs administered by the Department:

            (i)    the number of jobs created;

            (ii)    the number of jobs retained;

            (iii)    the estimated amount of State revenue generated;

            (iv)    the status of any special fund; and

            (v)    any additional information required by the Department through regulations.

        (2)    The report required under this section shall include data in the aggregate and disaggregated by:

            (i)    each economic development program; and

            (ii)    each recipient of assistance from an economic development program.

        (3)    The report required under this section shall include any additional information required under the law authorizing the economic development program.

    (e)    If a recipient of assistance from an economic development program is not meeting the requirements of the economic development program, the Department shall implement a process to assist the recipient in meeting the program requirements.

§2.5–109.    IN EFFECT

    (a)    In this section, “economic development program” means:

        (1)    the Economic Development Opportunities Program Account established under § 7–314 of the State Finance and Procurement Article;

        (2)    the Partnership for Workforce Quality Program established under Title 3, Subtitle 4 of this article;

        (3)    each of the economic development and financial assistance programs established under Title 5 of this article; and

        (4)    each of the tax credit programs administered by the Department, including:

            (i)    the Film Production Activity Tax Credit;

            (ii)    the Job Creation Tax Credit;

            (iii)    the One Maryland Economic Development Tax Credit;

            (iv)    the Biotechnology Investment Incentive Tax Credit;

            (v)    the Research and Development Tax Credit;

            (vi)    the Security Clearance Administrative Expenses and Construction and Equipment Costs Tax Credit;

            (vii)    the Cybersecurity Investment Incentive Tax Credit; and

            (viii)    the Aerospace, Electronics, or Defense Contract Tax Credit.

    (b)    The Department shall compile data in accordance with this section on the economic development programs administered by the Department.

    (c)    On or before December 31, 2013, and each year thereafter, the Department shall submit a report on the economic development programs that were administered by the Department during the previous fiscal year to the Governor and, in accordance with § 2–1257 of the State Government Article, the General Assembly.

    (d)    (1)    The report required under this section shall include the following data, if applicable, on the economic development programs administered by the Department:

            (i)    the number of jobs created;

            (ii)    the number of jobs retained;

            (iii)    the estimated amount of State revenue generated;

            (iv)    the status of any special fund; and

            (v)    any additional information required by the Department through regulations.

        (2)    The report required under this section shall include data in the aggregate and disaggregated by:

            (i)    each economic development program; and

            (ii)    each recipient of assistance from an economic development program.

        (3)    The report required under this section shall include any additional information required under the law authorizing the economic development program.

    (e)    If a recipient of assistance from an economic development program is not meeting the requirements of the economic development program, the Department shall implement a process to assist the recipient in meeting the program requirements.