Home Table of Contents

§ 10-4A-17. Classification of business as qualified business

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 III. Venture Firms and Investments (Refs & Annos)
Effective: October 1, 2020
MD Code, Economic Development, § 10-4A-17
Formerly cited as MD ECON DEV § 10-489Formerly cited as MD ECON DEV § 6-519
§ 10-4A-17. Classification of business as qualified business
Currentness
In general
(a)(1) A business that is classified as a qualified business at the time of the first investment in the business by a venture firm, the Enterprise Fund, or the Financing Authority remains classified as a qualified business and may receive follow-on investments from a venture firm, the Enterprise Fund, or the Financing Authority as provided under this subsection.
(2) A follow-on investment from a venture firm is a qualified investment even though the business does not meet the definition of a qualified business at the time of the follow-on investment.
(3) With respect to an investment by the Enterprise Fund or the Financing Authority, a follow-on investment does not qualify as a qualified investment if, at the time of the follow-on investment, the business no longer meets the definition of a qualified business.
Request for designated capital
(b) Each venture firm shall inform the Corporation in writing when the venture firm requires designated capital for investment or for the payment of approved fees and expenses.

Credits

Added as Economic Development § 6-519 by Acts 2011, c. 409, § 1, eff. July 1, 2011. Renumbered as Economic Development § 10-489 and amended by Acts 2015, c. 141, § 2, eff. Oct. 1, 2015. Amended by Acts 2019, c. 487, § 1, eff. June 1, 2019; Acts 2019, c. 488, § 1, eff. June 1, 2019. Renumbered as Economic Development § 10-4A-17 by Acts 2020, c. 580, § 1, eff. Oct. 1, 2020.
MD Code, Economic Development, § 10-4A-17, MD ECON DEV § 10-4A-17
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