Home Table of Contents

§ 10-4A-10. Bidding process, offers, and tax credits

West's Annotated Code of MarylandEconomic DevelopmentEffective: October 1, 2020

West's Annotated Code of Maryland
Economic Development (Refs & Annos)
Division II. Independent and Regional Development Units and Resources [Titles 9-End] (Refs & Annos)
Title 10. Statewide Development Resources and Revenue Authorities (Refs & Annos)
Subtitle 4a. Invest Maryland Program (Refs & Annos)
Part II. Designated Capital (Refs & Annos)
Effective: October 1, 2020
MD Code, Economic Development, § 10-4A-10
Formerly cited as MD ECON DEV § 10-482Formerly cited as MD ECON DEV § 6-512
§ 10-4A-10. Bidding process, offers, and tax credits
Currentness
Third party to conduct bidding process
(a) The Authority shall obtain the services of an independent third party to conduct a bidding process in order to secure purchasers for the Program as provided in this section.
Timely and irrevocable offers
(b) Using the procedures adopted by the independent third party, each potential purchaser shall make a timely and irrevocable offer, subject only to the Corporation's issuance to the purchaser of tax credit certificates, to make specified contributions of designated capital to the Corporation on the dates specified in § 10-4A-11(a) of this subtitle.
Contents of offers
(c) The offer shall include:
(1) the requested amount of tax credits, which may not be less than $1,000,000;
(2) the potential purchaser's specified contribution for each tax credit dollar requested, which may not be less than the greater of:
(i) 70% of the requested dollar amount of tax credits; or
(ii) the percentage of the requested dollar amount of tax credits that the Secretary, on the recommendation of the independent third party, determines to be consistent with market conditions as of the offer date; and
(3) any other information the independent third party requires.
Applications for tax credits
(d)(1) The deadline for submission of applications for tax credits is February 1, 2012.
(2) Each potential purchaser shall receive a written notice from the Corporation not later than May 1, 2012, indicating whether or not it has been approved as a purchaser and, if so, the amount of tax credits allocated.
Maximum amount of premium tax credits
(e) The maximum amount of premium tax credits that may be allocated under this subtitle for all years in which premium tax credits are allocated is $100,000,000.

Credits

Added as Economic Development § 6-512 by Acts 2011, c. 409, § 1, eff. July 1, 2011. Renumbered as Economic Development § 10-482 and amended by Acts 2015, c. 141, § 2, eff. Oct. 1, 2015. Renumbered as Economic Development § 10-4A-10 and amended by Acts 2020, c. 580, § 1, eff. Oct. 1, 2020.
MD Code, Economic Development, § 10-4A-10, MD ECON DEV § 10-4A-10
Current through legislation effective through May 9, 2024, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
End of Document