Section 6-904 - Benefits and credits [Subtitle subject to contingent abrogation]IN EFFECT** CONTINGENCY - IN EFFECT - CHAPTER 350 OF 2018 **
(a)(1) Subject to the provisions of this section, the Program benefits authorized under this section may be claimed by a qualified business entity for up to 10 consecutive benefit years.(2) For the income tax credit established under § 10-746 of the Tax - General Article, a qualified business entity may claim the credit for 10 consecutive benefit years for each qualified position.(b) On enrollment in the Program a qualified business entity is eligible for:(1) subject to subsection (c) of this section, a credit against the State income tax, established under § 10-746 of the Tax - General Article;(2) a credit against a portion of the county or municipal corporation property tax and of the State property tax established under § 9-111 of the Tax - Property Article; and(3) an exemption from the sales and use tax, as provided under § 11-234 of the Tax - General Article.(c)(1) To be eligible for the credit against the State income tax established under § 10-746 of the Tax - General Article, a business entity shall:(i) provide compensation for the qualified positions for which the business entity seeks to claim the credit in an amount that, on average, equals at least $100,000 each year; and(ii) provide to the Department, for each benefit year, evidence of the compensation required under this subsection.(2) To be eligible for a credit against the State income tax established under § 10-746 of the Tax - General Article for the filling of qualified positions after the first benefit year, a qualified business entity shall fill the required number of qualified positions not later than 17 years after enrollment in the Program.(d) If the number of qualified positions at the eligible project decreases to a number less than the number of qualified positions claimed in the first benefit year, the project shall be removed from the Program and all Program benefits terminate.Added by 2018 Md. Laws, Ch. 350,Sec. 1, eff. 6/1/2018. 2018 Md. Laws, Ch. 350,Sec. 6, provides: "(a) If the Department of Commerce fails to certify a business entity as a qualified business entity under Title 6, Subtitle 9 of the Economic Development Article, as enacted by Section 1 of this Act, before January 1, 2022, this Act, with no further action required by the General Assembly, shall be abrogated and of no further force and effect. (b) On or before January 5, 2022, the Secretary of Commerce shall provide notice of the taking effect of the termination provision under subsection (a) of this section to the Department of Legislative Services, 90 State Circle, Annapolis, Maryland 21401. "