Maryland Statutes
Economic Development
Division I - Secretary of Commerce and Department of Commerce

Section 2-103 - Consultation With Secretaries of Other Departments; Administration; Policy Coordination - (a) The Secretary shall: (1) consult with and advise secretaries...

Section 2-104 - Seal - The Secretary shall have a seal.

Section 2-105 - Deputy Secretary - (a) With the approval of the Governor, the Secretary shall...

Section 2-106 - Staff -- Secretary's Office - (a) In accordance with the State budget, the Secretary may...

Section 2-107 - Staff -- Other Units - (a) The appointment or removal of personnel by a unit...

Section 2-108 - Regulations - (a) The Secretary shall adopt regulations for the office of...

Section 2-109 - Secretary's Duties -- Budget - The Secretary is responsible for the budget of the office...

Section 2-110 - Secretary's Duties -- Plans and Activities - (a) The Secretary is responsible for the coordination and direction...

Section 2-111 - Secretary's Duties -- Removal of Appointee - The Secretary may not remove an appointee to a particular...

Section 2-112 - Secretary's Duties -- Meetings - The Secretary may call a meeting of any unit under...

Section 2-113 - Secretary's Duties -- Assumption of Functions - (a) This section does not apply to a power, duty,...

Section 2-114 - Units to Report to Secretary - Except as otherwise provided by law, each unit under the...

Section 2-115 - Classification of Employees - (a) In accordance with the State budget, the Secretary may...

Section 2-116 - Legal Counsel - (a) This section does not apply to a unit under...

Title 2.5 - Department of Commerce

Subtitle 1 - Organization and General Authority of the Department

Section 2.5-101 - Department Established - (a) There is a Department of Commerce. (b) The Department...

Section 2.5-102 - Secretary - The Secretary: (1) is the head of the Department; and...

Section 2.5-104 - Power to Establish Organizational Structure of Department - (a) Except as otherwise provided by law, the Secretary: (1)...

Section 2.5-105 - Objectives of Department - To attract and encourage business development and serve the needs...

Section 2.5-106 - Duties of Department - The Department shall: (1) investigate and assemble information about the...

Section 2.5-107 - Support for Regional Technology Councils - (a) The Department shall support industry–led regional technology councils that...

Section 2.5-108 - Department to Use Data From Other State Agencies - (a) To the extent practicable, the Department shall use pertinent...

Section 2.5-109 - Economic Development Programs - (a) In this section, “economic development program” means: (1) the...

Subtitle 2 - Maryland Economic Development Commission

Section 2.5-201 - "Commission" Defined - In this subtitle, “Commission” means the Maryland Economic Development Commission.

Section 2.5-202 - Established; Purpose - (a) There is a Maryland Economic Development Commission staffed by...

Section 2.5-203 - Membership - (a) (1) (i) The Commission consists of: 1. not more...

Section 2.5-204 - Officers; Executive Committee; Special Subcommittees - (a) The Governor shall designate a chair or cochairs from...

Section 2.5-205 - Meetings; Quorum; Compensation; Staff - (a) (1) The Commission shall meet as often as its...

Section 2.5-206 - Miscellaneous Powers and Duties - (a) The Commission may: (1) adopt bylaws for the conduct...

Section 2.5-207 - Annual Report - (a) On or before January 15 of each year, the...

Title 3 - Economic Development and Business Resources

Subtitle 1 - Maryland Manufacturing Advisory Board

Section 3-101 - "Board" Defined - In this subtitle, “Board” means the Maryland Manufacturing Advisory Board.

Section 3-102 - Legislative Policy - To support manufacturing in Maryland, it is the policy of...

Section 3-103 - Established - There is a Maryland Manufacturing Advisory Board in the Department.

Section 3-104 - Membership - (a) (1) The Board consists of: (i) one member appointed...

Section 3-105 - Chair - The Secretary shall designate a chair from among the private...

Section 3-106 - Meetings - The Board shall meet at least 4 times each year.

Section 3-107 - Restriction on Legislator Members - A member of the Board who is a member of...

Section 3-108 - Duties - The Board shall advise the Secretary on the best methods...

Section 3-109 - Annual Report - The Board shall submit a report each year to the...

Subtitle 2 - Maryland Life Sciences Advisory Board

Section 3-201 - Definitions - (a) In this subtitle the following words have the meanings...

Section 3-202 - Established; Purpose - (a) There is a Maryland Life Sciences Advisory Board in...

Section 3-203 - Membership - (a) The Advisory Board consists of the following 18 members:...

Section 3-204 - Duties - (a) The Advisory Board shall assist the Department in: (1)...

Section 3-205 - Annual Report - (a) The Advisory Board shall report to the Governor and,...

Subtitle 3 - Office of International Trade

Section 3-301 - "Office" Defined - In this subtitle, “Office” means the Office of International Trade.

Section 3-302 - Established; Purpose - (a) There is an Office of International Trade in the...

Section 3-303 - Contract and Grant Authority - (a) The Office may enter into contracts or make grants:...

Section 3-304 - International Trade Activity - With special emphasis on exports, the Office shall encourage businesses...

Section 3-305 - Trade and Venture Transactions - The Office shall encourage and facilitate participation by businesses in...

Section 3-306 - Agency Coordination - (a) The Office shall coordinate its programs with the State...

Section 3-307 - Regional and Local Initiatives - (a) The Office shall encourage and facilitate regional efforts to...

Section 3-308 - Other Activities - The Office shall engage in any other activity reasonably necessary...

Section 3-309 - Report - The Office shall report at least twice each year to...

Subtitle 4 - Partnership for Workforce Quality

Section 3-401 - Definitions - (a) In this subtitle the following words have the meanings...

Section 3-402 - Program Established - There is a Partnership for Workforce Quality Program in the...

Section 3-403 - Purpose - The purpose of the Program is to provide training services...

Section 3-404 - Duties of Secretary - (a) The Secretary or the Secretary’s designee shall direct the...

Section 3-405 - Eligibility - (a) (1) An employer receiving assistance under the Program shall...

Section 3-406 - Business Assistance Services - The Program shall provide business assistance services that: (1) determine...

Section 3-407 - Training - (a) The Secretary may award a grant for job-specific training...

Section 3-408 - Advisory Board -- in General - (a) There is a Partnership for Workforce Quality Advisory Board...

Section 3-409 - Advisory Board -- Membership - (a) The Board consists of the following 15 members: (1)...

Section 3-410 - Advisory Board -- Duties - (a) The Board shall: (1) submit recommendations to the Secretary...

Section 3-411 - Partnership for Workforce Quality Fund - (a) There is a Partnership for Workforce Quality Fund in...

Section 3-412 - Use of Program Money - (a) The Program may provide business assistance services under §...

Subtitle 6 - Office of Telework Assistance

Section 3-601 - Definitions - (a) In this subtitle the following words have the meanings...

Section 3-602 - Office of Telework Assistance -- Duties - (a) There is an Office of Telework Assistance within the...

Title 4 - Tourism, Film, and the Arts

Subtitle 1 - Division of Tourism, Film, and the Arts

Section 4-101 - "Division" Defined - In this subtitle, “Division” means the Division of Tourism, Film,...

Section 4-102 - Established - There is a Division of Tourism, Film, and the Arts...

Section 4-103 - Director -- in General - (a) (1) With the approval of the Governor, the Secretary...

Section 4-104 - Director -- Compensation - The director of the Division is entitled to the compensation...

Section 4-105 - Staff - In accordance with the State budget, the director of the...

Section 4-106 - General Powers and Duties - The Division shall: (1) stimulate development of tourism business in...

Section 4-107 - Reports - (a) The Department shall submit an annual report to the...

Subtitle 2 - Maryland Tourism Development Board

Section 4-201 - Definitions - (a) In this subtitle the following words have the meanings...

Section 4-202 - Legislative Policy - It is the policy of the State to guide, stimulate,...

Section 4-203 - Established - There is a Maryland Tourism Development Board in the Department.

Section 4-204 - Membership - (a) The Board consists of the following 24 members: (1)...

Section 4-205 - Officers - (a) Each year the Board shall elect a chair, five...

Section 4-206 - Executive Director - (a) The director of the Office is the Executive Director...

Section 4-207 - Meetings; Compensation - (a) The Board shall meet at least 4 times a...

Section 4-208 - Staff, Facilities, and Equipment - (a) The Office shall provide staff for the Board. (b)...

Section 4-209 - General Powers and Duties - (a) The exercise of the powers and duties of the...

Section 4-210 - Duties -- in General - The Board shall: (1) protect, preserve, promote, and restore the...

Section 4-211 - Duties -- Strategic Plan - The Board shall: (1) draft and implement a 5-year strategic...

Section 4-212 - Duties -- Marketing Plan - (a) The Board shall: (1) draft and implement an annual...

Section 4-213 - Duties -- Tourism - The Board shall: (1) encourage the development of new tourism...

Section 4-214 - Duties -- Finances - The Board shall: (1) set policies for spending money on...

Section 4-215 - Maryland Tourism Development Board Fund - (a) There is a Maryland Tourism Development Board Fund in...

Section 4-216 - Annual Appropriation - (a) (1) In this section the following words have the...

Subtitle 3 - Maryland Film Office

Section 4-301 - "Office" Defined - In this subtitle, “Office” means the Maryland Film Office.

Section 4-302 - Established - There is a Maryland Film Office in the Department.

Section 4-303 - Powers - The Office may: (1) ask any State or local governmental...

Section 4-304 - Duties - (a) The Office shall implement a program to promote the...

Section 4-305 - Coordination With Local Government Agencies - The Office shall coordinate its activities with activities of similar...

Subtitle 5 - Maryland State Arts Council

Section 4-501 - Definitions - (a) In this subtitle the following words have the meanings...

Section 4-502 - Legislative Findings; Policy; Intent - (a) The General Assembly finds that: (1) many of the...

Section 4-503 - Established - There is a Maryland State Arts Council in the Department.

Section 4-504 - Membership - (a) The Council consists of the following 17 members: (1)...

Section 4-505 - Officers - Each year the Council shall select a chair, a vice...

Section 4-506 - Compensation; Reimbursement for Expenses - A member of the Council: (1) may not receive compensation...

Section 4-507 - Meetings - (a) The Council shall meet at least four times a...

Section 4-508 - General Powers - (a) The exercise of the powers and performance of duties...

Section 4-509 - Executive Director - (a) (1) With the approval of the Secretary, the Council...

Section 4-510 - Authority; Annual Report - (a) The Council may: (1) conduct a statewide survey of...

Section 4-511 - Interference Prohibited - In exercising its powers and performing its duties under this...

Section 4-512 - Funding - (a) The Council is entitled to: (1) revenue distributed under...

Section 4-513 - Annual Appropriation to the Baltimore Symphony Orchestra - (a) For each of fiscal years 2020 and 2021, the...

Section 4-514 - Maryland Arts Capital Grant Program -- Administered by Council -- Annual Appropriation -- Award of Grants -- Competitive Application Process -- Quantitative Evaluation System -- Legislative Intent - (a) Nothing in this section may be construed to prohibit...

Subtitle 6 - Maryland Public Art Initiative Program

Section 4-601 - Definitions - (a) In this subtitle the following words have the meanings...

Section 4-602 - Maryland Public Art Initiative Program - (a) There is a Maryland Public Art Initiative Program. (b)...

Section 4-603 - Maryland Commission on Public Art - (a) There is a Maryland Commission on Public Art. (b)...

Section 4-604 - Duties - The Commission shall: (1) work with the Department of General...

Section 4-605 - Maryland Public Art Fund - (a) There is a Maryland Public Art Fund. (b) The...

Section 4-606 - Grants to Local Government - (a) Before a grant is awarded to a local government...

Section 4-607 - Regulations - (a) The Maryland State Arts Council shall adopt regulations to...

Section 4-608 - Ownership and Maintenance of Artwork - (a) All artwork funded by the Program is the property...

Subtitle 7 - Arts and Entertainment Districts

Section 4-701 - Definitions - (a) In this subtitle the following words have the meanings...

Section 4-702 - Scope of Subtitle - This subtitle does not apply to: (1) the creation or...

Section 4-703 - Application - (a) The following political subdivisions may apply to the Secretary...

Section 4-704 - Designation - (a) The Secretary may designate an area as an arts...

Section 4-705 - Expansion; Establishment in Queen Anne's County - (a) A political subdivision may apply to the Secretary to...

Section 4-706 - Tax Status - (a) In an arts and entertainment district: (1) each qualifying...

Section 4-707 - Regulations - The Secretary shall adopt regulations on application procedures and criteria...

Subtitle 8 - Special Fund for Preservation of Cultural Arts in Maryland

Section 4-801 - Special Fund for Preservation of Cultural Arts in Maryland - (a) In this section, “Fund” means the Special Fund for...

Title 5 - Economic Development and Financial Assistance Programs

Subtitle 1 - General Provisions

Section 5-101 - Duty of Department; Local Strategic Plans - (a) The Department shall administer the State’s economic development and...

Section 5-102 - Programs and Funds Administered by the Department - The Department shall administer the State’s economic development and financial...

Section 5-103 - Transfer of Funds - (a) This section applies notwithstanding any other law. (b) Subject...

Section 5-104 - Specialized Small Business Investment Companies - (a) The Secretary may: (1) invest in a specialized small...

Section 5-105 - Focus Areas, Enterprise Zones, and Brac Zones - When deciding whether to provide financial assistance for a business...

Section 5-106 - Contact for Military Installation Realignment and Closure - The Secretary shall designate a unit in the Department to...

Section 5-107 - Protection of Interest of Department - The Department may take all reasonable actions to protect the...

Subtitle 2 - Maryland Economic Adjustment Fund

Section 5-201 - Definitions - (a) In this subtitle the following words have the meanings...

Section 5-202 - Approval of Financial Assistance From Fund - (a) Financial assistance from the Fund may be approved by...

Section 5-203 - Maryland Economic Adjustment Fund - (a) There is a Maryland Economic Adjustment Fund in the...

Section 5-204 - Regulations - The Department shall adopt regulations to carry out this subtitle.

Section 5-205 - Loan -- Application - (a) An applicant for a loan under this subtitle shall...

Section 5-206 - Loan -- Terms and Conditions - (a) Except as otherwise provided in this subtitle, the Department...

Section 5-207 - Loan -- Documents - (a) The Department shall prepare the loan documents for loans...

Section 5-208 - Remedies - (a) If a recipient of a loan under this subtitle...

Section 5-209 - False Statement or Report - (a) A person may not knowingly make or cause to...

Subtitle 3 - Maryland Economic Development Assistance Authority and Fund

Part I - General Provisions

Section 5-301 - Definitions - (a) In this subtitle the following words have the meanings...

Section 5-302 - Scope of Subtitle - Assistance for a Tier I county project is available to...

Part II - Maryland Economic Development Assistance Authority

Section 5-305 - Established - There is a Maryland Economic Development Assistance Authority in the...

Section 5-306 - Membership - (a) The Authority consists of the individuals serving as members...

Section 5-307 - Actions - (a) The members of the Authority may act concurrently in...

Part III - Maryland Economic Development Assistance Fund

Section 5-310 - Established - There is a Maryland Economic Development Assistance Fund in the...

Section 5-311 - Purposes - The purposes of the Fund are to: (1) expand employment...

Section 5-312 - Administration - (a) The Secretary shall administer the Fund. (b) (1) The...

Section 5-313 - Composition - The Fund consists of: (1) money appropriated in the State...

Section 5-314 - Use of Fund - (a) The Department may use money in the Fund to:...

Section 5-315 - Reporting Requirements - In accordance with § 2.5–109 of this article, the Department...

Section 5-316 - Continued Authorization for Incorporated Funds - Financial assistance is deemed authorized under this subtitle if it...

Part IV - Financial Assistance From Fund

Section 5-319 - Evaluation and Approval of Requests for Financial Assistance - (a) (1) Financial assistance from the Fund not exceeding $2,500,000...

Section 5-320 - Eligibility of Applicants; Applications for Financial Assistance - (a) To be eligible for financial assistance from the Fund,...

Section 5-321 - Eligible Industry Sectors - (a) (1) After consulting with the Department and the Maryland...

Section 5-322 - Authorized Uses - (a) Financial assistance from the Fund may be used only...

Section 5-323 - Limitation on Financial Assistance - Financial assistance from the Fund may not exceed the lesser...

Section 5-324 - Qualifications - (a) Each subsection of this section is subject to §...

Section 5-325 - Terms and Conditions of Financial Assistance - (a) Subject to the restrictions of this subtitle, the Department...

Section 5-326 - Minority Business Enterprise Requirement - (a) In this section, “minority business enterprise” has the meaning...

Part V - Grants to Local Economic Development Funds

Section 5-329 - Authorized - (a) A local government may apply to the Department for...

Section 5-330 - Matching Funds Required - (a) Except as provided in subsection (b) of this section,...

Section 5-331 - Limitations - (a) During each fiscal year the Department may not grant...

Section 5-332 - Use of Grants; Reversion to Department - (a) A local government shall use a grant under this...

Part VI - Brownfields Revitalization Incentive Program

Section 5-335 - Established - (a) There is a Brownfields Revitalization Incentive Program in the...

Section 5-336 - Election by County or Municipal Corporation to Participate - A county or municipal corporation may elect to participate in...

Section 5-337 - Financial Assistance for Environmental Site Assessments - (a) Notwithstanding any other provision of law, the Department may...

Section 5-338 - Financial Assistance for Redevelopment of Brownfields Site - (a) The Department shall determine whether a brownfields site is...

Section 5-339 - Effect of Part - This part does not affect: (1) the planning and zoning...

Part VII - Child Care Special Loans

Section 5-342 - Authorized; Purpose; Separate Accounting - (a) In addition to providing money from the Fund to...

Section 5-343 - Considerations in Making Loans - In making child care special loans, the Department shall consider:...

Section 5-344 - Application Required - (a) An applicant for a child care special loan shall...

Section 5-345 - Standards for Making Loans - The Department may make a child care special loan to...

Section 5-346 - Terms and Conditions - (a) Except as provided in this part, the Department may...

Section 5-347 - Loan Documents - (a) If the Department makes a child care special loan...

Section 5-348 - Use of Proceeds - (a) The proceeds of a child care special loan may...

Section 5-349 - Foreclosures on Mortgages or Deeds of Trust - (a) A mortgage or deed of trust held as security...

Subtitle 4 - Maryland Industrial Development Financing Authority

Part I - General Provisions

Section 5-401 - Definitions - (a) In this subtitle the following words have the meanings...

Section 5-402 - Construction of Subtitle - This subtitle shall be liberally construed to accomplish its purposes.

Section 5-403 - Legislative Findings; Purposes - (a) The General Assembly finds that: (1) unemployment conditions exist...

Section 5-404 - Marketing Plan for Maryland Industrial Development Financing Authority - (a) The Authority shall: (1) work to increase the utilization...

Part II - Maryland Industrial Development Financing Authority

Section 5-406 - Established - (a) There is a Maryland Industrial Development Financing Authority in...

Section 5-407 - Membership - (a) (1) The Authority consists of the following nine members:...

Section 5-408 - Joint Membership With Maryland Economic Development Assistance Authority; Actions - (a) The members of the Authority are also the members...

Section 5-409 - Officers - (a) (1) From among its members, the Authority shall elect...

Section 5-410 - Quorum; Meetings; Compensation - (a) (1) Five members of the Authority are a quorum....

Section 5-411 - Executive Director - (a) (1) With the approval of the Secretary, the Authority...

Section 5-412 - Staff - (a) The Authority may employ a staff in accordance with...

Section 5-413 - Powers and Duties - (a) The Authority may: (1) adopt bylaws for the conduct...

Section 5-414 - Regulations - The Authority may adopt regulations to carry out this subtitle.

Section 5-415 - Agreements - (a) The Authority may approve, or may authorize the Executive...

Section 5-416 - Effect of Finding - A finding by the Authority, including a finding as to...

Section 5-417 - Public Ethics; Rules of Construction - Even though a determination of the Authority about financial assistance...

Section 5-418 - Immunity From Personal Liability - A member of the Authority, a person executing a bond...

Section 5-419 - Reports - (a) In accordance with § 2.5–109 of this article, the...

Section 5-420 - Dissolution - If the Authority dissolves, title to its property vests in...

Part III - Industrial Development Fund

Section 5-423 - Established - There is an Industrial Development Fund.

Section 5-424 - Purpose - The Fund shall be used: (1) for the purposes described...

Section 5-425 - Composition - (a) The Fund is a continuing, nonlapsing fund that is...

Section 5-426 - Investments - (a) The Treasurer shall: (1) invest the money in the...

Section 5-427 - Additional Money - (a) The Authority shall send a written request to the...

Section 5-428 - Surplus Money - With the consent of the Secretary, the Authority may pay...

Section 5-429 - Report of Treasurer - Each year the Treasurer shall report to the Authority on...

Section 5-430 - Bond-Related Insurance - (a) If the requirements of this section are satisfied, and...

Section 5-431 - Authorized Purpose Obligation Insurance - (a) If the requirements of this section are satisfied, and...

Section 5-432 - Leverage Limitations - The portion of the aggregate principal amount of bonds and...

Part IV - Financial Assistance

Section 5-435 - Application of Other Laws - Financial assistance under this subtitle is: (1) subject to the...

Section 5-436 - Bonds - (a) The Authority may issue and sell bonds in accordance...

Section 5-437 - Authorized Purpose Obligation Not Exceeding $250,000 - (a) The Authority may authorize the Executive Director of the...

Section 5-438 - Equity Interest - In conjunction with financial assistance under this subtitle, the Authority...

Section 5-439 - Premiums and Fees - (a) The Authority may set premiums and fees for financial...

Section 5-440 - Waiver of Insurance Premiums - (a) The Authority may not charge a premium for insurance...

Section 5-441 - Continuity of Existing Authorized Purpose Obligations - (a) Insurance on bonds or authorized purpose obligations provided before...

Part V - Projects

Section 5-444 - Status of Authority - (a) (1) The Authority shall participate in financial assistance programs...

Section 5-445 - Energy Project -- in General - (a) (1) In this section the following words have the...

Section 5-446 - Energy Project -- Considerations; Promotion - (a) In awarding financial assistance under this subtitle for an...

Section 5-447 - Energy Conservation Project - A project involving a commercial building, an industrial building, or...

Section 5-448 - Solar Energy Project - (a) A project qualifies as a solar energy project if...

Part VI - Linked Deposit Program

Section 5-451 - Definitions - (a) In this part the following words have the meanings...

Section 5-452 - Established - There is a Linked Deposit Program in the Department.

Section 5-453 - Purpose - (a) The purpose of the Program is to stimulate economic...

Section 5-454 - Placement - The Authority may place a linked deposit with a lender...

Section 5-455 - Application - (a) To obtain fixed asset financing under this part, an...

Section 5-456 - Conditional Approval - (a) On conditional approval of a fixed asset financing loan...

Section 5-457 - Review - In determining whether to accept a linked deposit loan package,...

Section 5-458 - Payment Schedule - If the Authority accepts a linked deposit loan package forwarded...

Section 5-459 - Loan Commitment - On receiving linked deposit approval from the Authority, the lender...

Section 5-460 - State Not Liable - (a) A fixed asset financing loan assisted by a linked...

Part VII - Prohibited Acts; Penalties

Section 5-463 - False Statement or Report - (a) A person may not knowingly make or cause a...

Part VIII - Short Title

Section 5-466 - Short Title - This subtitle may be referred to as the Maryland Industrial...

Subtitle 5 - Maryland Small Business Development Financing Authority

Part I - General Provisions

Section 5-501 - Definitions - (a) In this subtitle the following words have the meanings...

Section 5-502 - Legislative Findings; Purposes - (a) The General Assembly finds that: (1) the inability of...

Part II - Maryland Small Business Development Financing Authority

Section 5-505 - Established - There is a Maryland Small Business Development Financing Authority in...

Section 5-506 - Membership - (a) The Authority consists of the following nine members: (1)...

Section 5-507 - Officers - (a) The Authority shall elect a chair, vice chair, and...

Section 5-508 - Quorum; Meetings; Reimbursement for Expenses; Staff - (a) (1) Four members of the Authority are a quorum....

Section 5-509 - Executive Director - (a) (1) The Executive Director is the chief administrative officer...

Section 5-510 - Conflicts of Interest - A member of the Authority may not participate in any...

Section 5-511 - Administration of Programs; Contracts; Private Corporation - (a) In this section, “Authority staff” means any of the...

Section 5-512 - Powers and Duties - (a) The Authority exercises its powers and performs its duties...

Section 5-513 - Service of Process - (a) In any action, service of process on the Authority...

Section 5-514 - Certain Receipts Payable - (a) Notwithstanding § 10–469(e) and (f) of this article or...

Part III - Small Business Development Contract Financing Fund

Section 5-517 - "Fund" Defined - In this part, “Fund” means the Small Business Development Contract...

Section 5-518 - Established - There is a Small Business Development Contract Financing Fund.

Section 5-519 - Purpose - The Authority shall use the Fund to implement this part.

Section 5-520 - Administration - The Authority shall administer the Fund.

Section 5-521 - Status; Investment; Payment - (a) The Fund is a special, nonlapsing fund that is...

Section 5-522 - Composition - The Fund consists of: (1) premiums for guaranteeing loans under...

Section 5-523 - Additional Money - (a) If the Authority and the Secretary determine that more...

Section 5-524 - Uses - The Authority may use the Fund for: (1) loan guaranties...

Section 5-525 - Financial Assistance -- Conditions - (a) (1) The Authority may use the Fund to guarantee...

Section 5-526 - Financial Assistance -- Applicants - (a) If the applicant is an individual, to qualify for...

Section 5-527 - Financial Assistance -- Application Procedures - (a) To apply for financial assistance from the Fund under...

Section 5-528 - Financial Assistance -- Terms - (a) The Authority may set the terms and conditions for...

Section 5-529 - Annual Report - The Treasurer shall report each year to the Authority on:...

Section 5-530 - Prohibited Acts -- Penalty - (a) A person may not knowingly make or cause to...

Part IV - Small Business Development Guaranty Fund

Section 5-533 - "Fund" Defined - In this part, “Fund” means the Small Business Development Guaranty...

Section 5-534 - Established - There is a Small Business Development Guaranty Fund.

Section 5-535 - Purpose - The Authority shall use the Fund to implement this part.

Section 5-536 - Administration - The Authority shall administer the Fund.

Section 5-537 - Status; Investment; Payment - (a) The Fund is a special, nonlapsing fund that is...

Section 5-538 - Composition - The Fund consists of: (1) loans and grants from the...

Section 5-539 - Uses - The Authority may use the Fund for: (1) guaranty payments...

Section 5-540 - Financial Assistance -- Conditions - (a) (1) The Authority may use the Fund to guarantee...

Section 5-541 - Financial Assistance -- Qualifications of Applicants - (a) If the applicant is a sole proprietor, to qualify...

Section 5-542 - Financial Assistance -- Application Procedures - (a) To apply for financial assistance from the Fund, a...

Section 5-543 - Financial Assistance -- Terms - A guaranty shall contain terms and conditions that the Authority...

Section 5-544 - Annual Report - The Treasurer shall report each year to the Authority on:...

Section 5-545 - Prohibited Acts; Penalty - (a) A person may not knowingly make or cause to...

Section 5-546 - Violation of Loan Documents; Noncompliance With Part - If an applicant or financial institution violates any provision of...

Part V - Equity Participation Investment Program

Section 5-549 - Definitions - (a) In this part the following words have the meanings...

Section 5-550 - Legislative Findings; Purposes - (a) The General Assembly finds that: (1) small businesses have...

Section 5-551 - Established - There is an Equity Participation Investment Program in the Department.

Section 5-552 - Administration - The Authority shall administer the Program.

Section 5-553 - Powers - The Authority may: (1) provide equity participation financing to help...

Section 5-554 - Equity Participation Investment Program Fund -- Established - There is an Equity Participation Investment Program Fund.

Section 5-555 - Fund -- in General - (a) The Authority shall administer the Fund. (b) (1) The...

Section 5-556 - Application for Financing - (a) The Authority may provide equity participation financing under the...

Section 5-557 - Requirements for Financing - (a) (1) Under the Program the Authority may not: (i)...

Section 5-558 - Limitation on Liability of State - The liability of the State and of the Authority in...

Section 5-559 - Conversion of Coronavirus Pandemic Financing - (a) This section applies to financing provided under the Program...

Part VI - Small Business Surety Bond Program

Section 5-561 - Definitions - (a) In this part the following words have the meanings...

Section 5-562 - Established - There is a Small Business Surety Bond Fund.

Section 5-563 - Status; Investments - (a) (1) The Fund is a special, nonlapsing fund that...

Section 5-564 - Composition - The Fund consists of: (1) money the State appropriates to...

Section 5-565 - Uses - The Fund shall be used: (1) for the purposes described...

Section 5-566 - Powers of Authority -- in General - In administering the Program, the Authority may: (1) use the...

Section 5-567 - Powers of Authority -- Program - The Authority may: (1) prescribe or approve the form of...

Section 5-568 - Surety -- Authority as Guarantor - (a) The Authority may guarantee a surety up to the...

Section 5-569 - Surety -- Authority as Surety - (a) The Authority may execute and perform a bid bond,...

Section 5-570 - Economic Impact of Contract - (a) The Authority may only approve a guaranty or a...

Section 5-571 - Surety Bonding Line Authorized - The Authority may establish a surety bonding line to issue...

Section 5-572 - Qualifications of Principal; Bond Requirements - (a) To qualify for financial assistance under this part the...

Section 5-573 - Application - (a) To apply for financial assistance from the Program under...

Section 5-574 - Premiums and Fees - (a) In its sole discretion, the Authority may set: (1)...

Section 5-575 - Prohibited Acts; Penalty - (a) A person may not knowingly make or cause to...

Subtitle 7 - Enterprise Zones

Section 5-701 - Definitions - (a) In this subtitle the following words have the meanings...

Section 5-702 - Scope of Subtitle - Subject to § 9-103 of the Tax - Property Article,...

Section 5-703 - Enterprise Zones -- Application - (a) The following political subdivisions may apply to the Secretary...

Section 5-704 - Enterprise Zones -- Designation - (a) (1) The Secretary may only designate an area as...

Section 5-705 - Enterprise Zones -- Expansion - (a) (1) A political subdivision may apply to the Secretary...

Section 5-706 - Focus Area - (a) A political subdivision may request the Secretary to designate...

Section 5-707 - Business Entity Incentives and Initiatives - (a) To the extent provided for in this section, a...

Section 5-708 - Effect of Federal Law - (a) An area that is designated an enterprize zone, empowerment...

Section 5-709 - Assessment; Report - (a) The Department and the Comptroller jointly shall assess each...

Subtitle 8 - Foreign Trade Zones

Section 5-801 - Definitions - (a) In this subtitle the following words have the meanings...

Section 5-802 - Establishment - (a) Except as provided in subsection (b) of this section,...

Section 5-803 - Operation - A public corporation or a private corporation that establishes, operates,...

Section 5-804 - Application for Designation Approval - A person that wishes to have a site in the...

Subtitle 9 - Dredged Material Disposal Alternatives Program

Section 5-901 - Definitions - (a) In this subtitle the following words have the meanings...

Section 5-902 - Established - There is a Dredged Material Disposal Alternatives Program in the...

Section 5-903 - Purposes; Goals - (a) The purposes of the Program are to: (1) designate...

Section 5-904 - Regulations - The Department shall adopt regulations to carry out this subtitle.

Section 5-905 - Duties - The Program shall: (1) seek money from federal programs to...

Section 5-906 - Form of Assistance - Financial assistance from the Program may be in the form...

Section 5-907 - Program Contingent on Allocation - (a) The Program is contingent on the allocation of money...

Subtitle 10 - Military Personnel and Veteran-Owned Small Business No-Interest Loan Program

Section 5-1001 - Definitions - (a) In this subtitle the following words have the meanings...

Section 5-1002 - Established - (a) Subject to the availability of funds, the Department, in...

Section 5-1003 - Purposes - Loans shall be made under this subtitle for the purposes...

Section 5-1004 - Availability - (a) A loan made under this subtitle for the purpose...

Section 5-1005 - Administration - (a) The Department shall administer the loan program authorized under...

Section 5-1006 - Military Personnel and Veteran-Owned Small Business No-Interest Loan Fund - (a) There is a Military Personnel and Veteran–Owned Small Business...

Section 5-1007 - Regulations - (a) The Department shall adopt regulations to carry out this...

Subtitle 11 - Rural Broadband Assistance Fund

Section 5-1101 - Definitions - (a) In this subtitle the following words have the meanings...

Subtitle 12 - Maryland Nonprofit Development Center Program

Section 5-1201 - Definitions - (a) In this subtitle the following words have the meanings...

Section 5-1202 - Maryland Nonprofit Development Center Program - (a) There is a Maryland Nonprofit Development Center Program in...

Section 5-1203 - Program Assistance - The Program shall provide assistance to qualifying nonprofit entities, including:...

Section 5-1204 - Maryland Nonprofit Development Center Program Fund - (a) (1) (i) There is a Maryland Nonprofit Development Center...

Section 5-1205 - Implementation; Designation - (a) The Department shall designate at least one private nonprofit...

Subtitle 13 - Brac Revitalization and Incentive Zones

Section 5-1301 - Definitions - (a) In this subtitle the following words have the meanings...

Section 5-1302 - Application - (a) The following political subdivisions may apply to the Secretary...

Section 5-1303 - Designation -- Considerations - (a) The Secretary may only designate an area as a...

Section 5-1304 - Designation -- Procedure; Limitations - (a) (1) Within 60 days after a submission date, the...

Section 5-1305 - Expansion - (a) (1) A political subdivision may apply to the Secretary...

Section 5-1306 - Benefits - (a) Benefits are available to political subdivisions with BRAC Revitalization...

Section 5-1307 - Annual Reports - (a) On or before October 15 of each year, a...

Subtitle 14 - Regional Institution Strategic Enterprise Zone Program

Section 5-1401 - Definitions - (a) In this subtitle the following words have the meanings...

Section 5-1402 - Purpose - The purposes of the Regional Institution Strategic Enterprise Zone Program...

Section 5-1403 - Designation as Qualified Institution - (a) An institution may apply to the Secretary to be...

Section 5-1404 - Designation of Area as Regional Institution Strategic Enterprise (Rise) Zone - (a) On or after July 1, 2015, a qualified institution...

Section 5-1405 - Business and Community Development Concierge - (a) The Secretary shall assign to a RISE zone a...

Section 5-1406 - Tax Incentives - (a) (1) To the extent provided for in this section,...

Section 5-1407 - Rental Assistance to Business Entity -- Distribution of Matching Funds -- Deposited Funds by Applicant -- Annual Report on Rental Assistance Program -- Audit of Program -- Recapture of Misused or Undistributed Funds - (a) (1) (i) A qualified institution, a county and, if...

Section 5-1408 - Regional Institution Strategic Enterprise Fund -- Money Included -- Use of Fund -- Investments -- Expenditures - (a) There is a Regional Institution Strategic Enterprise Fund in...

Section 5-1409 - Annual Assessments and Reports - (a) The Department and the Comptroller jointly shall assess each...

Section 5-1410 - Termination of Subtitle and Tax Credits - This subtitle and the tax credits and benefits authorized under...

Subtitle 15 - Small, Minority, and Women-Owned Businesses Account

Section 5-1501 - Small, Minority, and Women-Owned Businesses Account Established - (a) There is a Small, Minority, and Women–Owned Businesses Account...

Subtitle 16 - Make Office Vacancies Extinct Program

Section 5-1601 - Definitions - (a) In this subtitle the following words have the meanings...

Section 5-1602 - General Consideration - (a) There is a Make Office Vacancies Extinct Program in...

Section 5-1603 - Qualification for Program - (a) In order to qualify for participation in the Program,...

Section 5-1604 - Program Grants - (a) (1) An applicant shall submit an application for a...

Section 5-1605 - Make Office Vacancies Extinct Matching Fund - (a) There is a Make Office Vacancies Extinct Matching Fund....

Section 5-1606 - Periodic Review and Evaluation of Program - (a) At least once every 3 years, the Secretary shall...

Section 5-1607 - Regulations - The Secretary may adopt regulations to carry out this subtitle.

Subtitle 17 - Business Telework Assistance Grant Program

Section 5-1701 - Program Defined - In this subtitle, “Program” means the Business Telework Assistance Grant...

Section 5-1702 - Business Telework Assistance Grant Program -- Purpose -- Use of Grants -- Qualifying -- Annual Appropriation - (a) There is a Business Telework Assistance Grant Program in...

Subtitle 18 - Capital Access Program

Section 5-1801 - Definitions - (a) In this subtitle the following words have the meanings...

Section 5-1802 - Capital Access Program Established - There is a Capital Access Program in the Department.

Section 5-1803 - Purpose of Program - The purpose of the Program is to stimulate opportunities for...

Section 5-1804 - Loans Qualified Under Program - A loan qualifies under the Program if the loan: (1)...

Section 5-1805 - Enrollment of Qualifying Loan or Portion of Loan - (a) A lender shall enroll a qualifying loan in the...

Section 5-1806 - Loan Loss Reserve Account -- Payments to Account -- Withdrawal Upon Default -- Withdrawal of Lender From Program - (a) The Department shall establish a loan loss reserve account...

Section 5-1807 - Adoption of Regulations - The Department may adopt regulations to carry out this subtitle.

Title 6 - Economic Development Tax Incentives

Subtitle 1 - Definitions

Section 6-101 - Definitions - (a) In this title the following words have the meanings...

Subtitle 2 - Film Production Activity Tax Exemption

Section 6-201 - Legislative Intent - The General Assembly intends that the tax exemption under §...

Section 6-202 - Eligibility and Certification - To receive the tax exemption provided under § 11-227 of...

Section 6-203 - Regulations - The Department and the Comptroller jointly shall adopt regulations defining...

Subtitle 3 - Job Creation Tax Credit

Section 6-301 - Definitions - (a) In this subtitle the following words have the meanings...

Section 6-302 - Legislative Intent - The General Assembly intends that the purpose of the job...

Section 6-303 - Qualification; Certification - (a) (1) The Secretary or the Secretary’s designee shall certify...

Section 6-304 - Amount and Application of Credit - (a) (1) A qualified business entity may claim a tax...

Section 6-305 - Recapture - (a) The provisions of this section do not apply to...

Section 6-306 - Information Sharing; Confidentiality - (a) The Comptroller or other appropriate unit shall share with...

Section 6-307 - Reports - (a) In accordance with § 2.5–109 of this article, the...

Section 6-308 - Regulations - (a) Except as otherwise provided in this section, the Secretary...

Section 6-309 - Termination; Limitations - (a) Subject to subsection (b) of this section, this subtitle...

Subtitle 4 - One Maryland Economic Development Tax Credit

Section 6-401 - Definitions - (a) In this subtitle the following words have the meanings...

Section 6-402 - Qualification; Certification - (a) (1) To qualify for a project tax credit, a...

Section 6-403 - Project Tax Credit - (a) (1) A qualified business entity may claim a project...

Section 6-404 - Reduction of Tax Revenue - A refund payable to a qualified business entity under §...

Section 6-405 - Prohibiting Qualified Business Entity Claiming Credit Under Subtitle 3 - For any taxable year, if a qualified business entity claims...

Section 6-406 - Regulations - The Secretary shall adopt regulations to specify criteria and procedures...

Subtitle 6 - Maryland E-Nnovation Initiative Program

Part I - Definitions

Section 6-601 - Definitions - (a) In this subtitle the following words have the meanings...

Part II - Maryland E-Nnovation Initiative Fund and Authority

Section 6-604 - Maryland E-Nnovation Initiative Fund - (a) There is a Maryland E–Nnovation Initiative Fund in the...

Section 6-605 - Maryland E-Nnovation Initiative Fund Authority - There is a Maryland E–Nnovation Initiative Fund Authority in the...

Section 6-606 - Membership - The Authority consists of: (1) the Chief Executive Officer of...

Section 6-607 - Chair; Officers - (a) The chair of the Authority shall be chosen by...

Section 6-608 - Quorum; Compensation - (a) (1) Four members of the Authority are a quorum....

Section 6-609 - Duties - The Authority shall provide advice to and consult with the...

Part III - Research Endowments

Section 6-612 - General Consideration - (a) The governing body of each nonprofit institution of higher...

Section 6-613 - Qualified Donations - (a) Private donations to a research endowment shall be considered...

Section 6-614 - Expenditure of Endowment Funds - (a) Endowment proceeds shall be expended by a nonprofit institution...

Section 6-615 - Research Endowment Plans - (a) The governing body of each nonprofit institution of higher...

Part IV - Distributions From the Maryland E-Nnovation Initiative Fund

Section 6-618 - General Consideration - (a) Except as provided in § 6–619 of this subtitle,...

Section 6-619 - Deposit of Qualified Donations and Allocated Funds - (a) Within 90 days after approval by the Authority of...

Part V - Miscellaneous

Section 6-622 - Administration; Regulations - The Department shall administer this subtitle and shall adopt regulations...

Section 6-623 - Reports - (a) (1) On or before January 1, 2016, and January...

Subtitle 8 - More Jobs for Marylanders Program

Section 6-801 - Definitions - (a) In this subtitle the following words have the meanings...

Section 6-802 - Program Established - There is a More Jobs for Marylanders Program in the...

Section 6-803 - General Consideration - (a) A business entity may apply to the Department to...

Section 6-804 - Benefits and Requirements - (a) The Program benefits authorized under this section may be...

Section 6-805 - Certification - (a) The Department shall provide to a qualified business entity...

Section 6-806 - Revocation of Certification - (a) The Department may revoke its certification under this subtitle,...

Section 6-807 - Verification of Information; Use; Confidentiality - (a) The Department may require that any information provided under...

Section 6-808 - Regulations - The Secretary may adopt any regulation necessary and appropriate to...

Section 6-809 - Reports - On or before December 1 each year, the Department shall...

Subtitle 10 - Opportunity Zone Enhancement Program

Section 6-1001 - Definitions - (a) In this subtitle the following words have the meanings...

Section 6-1002 - Program Established - (a) There is an Opportunity Zone Enhancement Program in the...

Section 6-1003 - Revitalization Area Credit - (a) In this section, “revitalization area” has the meaning stated...

Section 6-1004 - One Maryland Project Tax Credit - (a) In this section, “eligible economic development project”, “eligible project...

Section 6-1005 - Income Tax Credit for Wages Paid in an Enterprise Zone - (a) (1) In this section the following words have the...

Section 6-1006 - Qualified Investor Tax Credit -- Biotechnology Companies - (a) In this section, “investment”, “qualified investor”, and “qualified Maryland...

Section 6-1007 - Qualified Investor Tax Credit -- Technology Companies - (a) In this section, “investment”, “qualified investor”, and “qualified Maryland...

Section 6-1008 - More Jobs for Marylanders Program Tax Credit - (a) In this section, “eligible project” and “qualified position” have...

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Maryland Statutes Economic Development Division I - Secretary of Commerce and Department of Commerce

Maryland Statutes
Economic Development
Division I - Secretary of Commerce and Department of Commerce