§ 5-1201. Definitions

West's Annotated Code of MarylandEconomic DevelopmentEffective: October 1, 2017

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 12. Maryland Nonprofit Development Center Program (Refs & Annos)
Effective: October 1, 2017
MD Code, Economic Development, § 5-1201
§ 5-1201. Definitions
Currentness
In general
(a) In this subtitle the following words have the meanings indicated.
Fund
(b) “Fund” means the Maryland Nonprofit Development Center Program Fund established under § 5-1204 of this subtitle.
Nonprofit entity
(c) “Nonprofit entity” means a corporation incorporated in the State, or otherwise qualified to do business in the State, that has been determined by the Internal Revenue Service to be exempt from taxation under § 501(c)(3), (4), or (6) of the Internal Revenue Code.
Program
(d) “Program” means the Maryland Nonprofit Development Center Program established under § 5-1202 of this subtitle.
Qualifying nonprofit entity
(e) “Qualifying nonprofit entity” means a nonprofit entity:
(1) that has annual revenues not greater than $750,000;
(2) that has been in existence for not more than 10 years; and
(3) whose principal purpose is providing health, education, environmental, agricultural, or social services through community-based programs.

Credits

Added by Acts 2008, c. 313, § 1, eff. Oct. 1, 2008. Amended by Acts 2009, c. 105, § 1, eff. Oct. 1, 2009; Acts 2009, c. 106, § 1, eff. Oct. 1, 2009; Acts 2017, c. 629, § 1, eff. June 1, 2017; Acts 2017, c. 631, § 1, eff. Oct. 1, 2017.
MD Code, Economic Development, § 5-1201, MD ECON DEV § 5-1201
Current through legislation effective through April 25, 2024, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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