Definitions

Checkout our iOS App for a better way to browser and research.

    ** CONTINGENCY – IN EFFECT – CHAPTER 350 OF 2018 **

    (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.


Download our app to see the most-to-date content.