§ 5-1404. Designation as Regional Institution Strategic Enterprise (RISE) zone
West's Annotated Code of MarylandEconomic DevelopmentEffective: October 1, 2023
West's Annotated Code of Maryland
Economic Development (Refs & Annos)
Division I. Secretary of Commerce and Department of Commerce [Titles 1-8] (Refs & Annos)
Title 5. Economic Development and Financial Assistance Programs (Refs & Annos)
Subtitle 14. Regional Institution Strategic Enterprise Zone Program (Refs & Annos)
Effective: October 1, 2023
MD Code, Economic Development, § 5-1404
§ 5-1404. Designation as Regional Institution Strategic Enterprise (RISE) zone
(a) On or after July 1, 2015, a qualified institution shall apply jointly with a county, a municipal corporation, or the economic development agency of a county or municipal corporation to the Secretary to designate an area as a Regional Institution Strategic Enterprise zone.
(b) The application shall:
(c) The Secretary may establish, by regulation, any other requirements necessary and appropriate for an area to be designated as a RISE zone.
(d)(1) Unless a county in which a municipal corporation is located agrees to designation of a RISE zone in the municipal corporation, qualified property in the municipal corporation may not receive a tax credit against county property tax.
(e)(1) Within 120 days after submission of an application under this section, the Secretary shall:
(f)(1)(i) Subject to subparagraph (ii) of this paragraph, the designation of an area as a RISE zone is effective for 10 years.
(g)(1) A RISE zone may not be required to be in the immediate geographic proximity of a qualified institution if an appropriate nexus for the increased economic and community development is established with the qualified organization.
(h) The Secretary may not designate a RISE zone in:
(i) The designation of an area as a RISE zone may not be construed to limit or supersede a provision of a comprehensive plan, zoning ordinance, or other land use policy adopted by a county, municipal corporation, or bicounty agency with land use authority over the area designated as a RISE zone.
Credits
Added by Acts 2014, c. 530, § 1, eff. June 1, 2014; Acts 2014, c. 531, § 1, eff. June 1, 2014. Amended by Acts 2021, c. 206, § 1, eff. June 1, 2021; Acts 2021, c. 207, § 1, eff. June 1, 2021; Acts 2023, c. 522, § 1, eff. Oct. 1, 2023; Acts 2023, c. 523, § 1, eff. Oct. 1, 2023.
MD Code, Economic Development, § 5-1404, MD ECON DEV § 5-1404
Current through legislation effective through April 9, 2023, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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