§ 5-1406. Business entities located in RISE zones

West's Annotated Code of MarylandEconomic DevelopmentEffective: June 1, 2021

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: June 1, 2021
MD Code, Economic Development, § 5-1406
§ 5-1406. Business entities located in RISE zones
Currentness
In general
(a)(1) To the extent provided for in this section, a business entity that locates in a RISE zone is entitled to:
(i) for a business entity that locates in the RISE zone before January 1, 2023, the property tax credit under § 9-103.1 of the Tax--Property Article;
(ii) for a taxable year beginning before January 1, 2023, the income tax credit under § 10-702 of the Tax--General Article; and
(iii) priority consideration for financial assistance from programs in Subtitle 1 of this title.
(2) For purposes of the income tax credit authorized under paragraph (1)(ii) of this subsection, the business entity is treated as being located in an enterprise zone.
Business entities moving or locating to RISE zone after designation
(b) Subject to the limitations under subsection (a) of this section, a business entity that moves into or locates in a RISE zone on or after the date that the zone is designated under this subtitle may qualify for the incentives under this section.
Certification required for business entity to qualify for incentives
(c) A business entity may not qualify for the incentives under subsection (a) of this section unless the Department, in consultation with the county or municipal corporation in which a RISE zone is located, certifies the business entity and its location as consistent with the target strategy of the RISE zone.
Capital investment or expansion of labor force required to qualify for incentives
(d)(1) Unless a business entity makes a significant capital investment or expansion of its labor force after a RISE zone is designated, the incentives under this section are not available to a business entity that was in a RISE zone before the date that the zone is designated.
(2) The Department shall adopt regulations establishing factors to determine if a business entity makes a significant capital investment or expansion of its labor force under paragraph (1) of this subsection.

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.
MD Code, Economic Development, § 5-1406, MD ECON DEV § 5-1406
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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