§ 5-1401. Definitions

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, § 5-1401
§ 5-1401. Definitions
Currentness
In general
(a) In this subtitle the following words have the meanings indicated.
Area
(b) “Area” means a geographic area in one or more political subdivisions in the State described by a closed perimeter boundary.
Fund
(c) “Fund” means the Regional Institution Strategic Enterprise Zone Fund created under § 5-1408 of this subtitle.
Nonprofit organization
(d) “Nonprofit organization” means an organization that is exempt or eligible for exemption from taxation under § 501(c)(3) of the Internal Revenue Code.
Qualified institution
(e) “Qualified institution” means an entity that is designated as a qualified institution under § 5-1403 of this subtitle and may include:
(1) a regional higher education center as defined under § 10-101 of the Education Article;
(2) an institution of higher education as defined under § 10-101 of the Education Article; or
(3) a nonprofit organization that is affiliated with a federal agency.
RISE zone
(f) “RISE zone” means a geographic area in immediate proximity to a qualified institution that is targeted for increased economic and community development that meets the requirements of § 5-1404 of this subtitle and is designated as a Regional Institution Strategic Enterprise zone by the Secretary under § 5-1404 of this subtitle.

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, § 5-1401, MD ECON DEV § 5-1401
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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