In this subtitle the following words have the meanings indicated. “Credit year” means the taxable year in which a qualified business entity claims the tax credit authorized under this subtitle. “Eligible economic development project” means an economic development project that: establishes or expands a business facility within a Tier I county; and is approved for a project tax credit in accordance with this subtitle. “Eligible project cost” means the cost and expense a qualified business entity incurs to acquire, construct, rehabilitate, install, or equip an eligible economic development project. “Eligible project cost” includes: the cost of: obligations for labor and payments made to contractors, subcontractors, builders, and suppliers; acquiring land, rights in land, and costs incidental to acquiring land or rights in land; contract bonds and insurance needed during the acquisition, construction, or installation of the project; test borings, surveys, estimates, plans, specifications, preliminary investigations, environmental mitigation, supervision of construction, and other architectural and engineering services; performing duties required by or consequent to the acquisition, construction, and installation of the project; installing water, sewer, sewer treatment, gas, electricity, communications, railroads, and similar utilities; and bond insurance, letters of credit, or other forms of credit enhancement or liquidity facilities; the interest cost before and during the acquisition, construction, installation, and equipping of the project, and for up to 2 years after project completion; legal, accounting, financial, printing, recording, filing, and other fees and expenses incurred to finance the project; and a qualified business entity’s cost to furnish and equip a new location for ordinary business functions, including: the cost of computers, nonrecurring costs of fixed telecommunications equipment, furnishings, and office equipment; and expenditures for moving costs, separation costs, and other costs directly related to moving from outside of the State to a location in a Tier I county. “Project tax credit” means a tax credit for eligible project costs allowed under § 6–403 of this subtitle. “Qualified business entity” means a person that: conducts or operates a trade or business in the State; or operates in the State and is exempt from taxation under § 501(c)(3) or (4) of the Internal Revenue Code; and is certified in accordance with this subtitle as qualifying for a project tax credit under this subtitle. “Qualified position” means a position that: is a full–time position and is of indefinite duration; pays at least 120% of the State minimum wage; is in a Tier I county; is newly created because a business facility begins or expands in one location in a Tier I county; and is filled. “Qualified position” does not include a position that is: created when an employment function is shifted from an existing business facility of a business entity in the State to another business facility of the same business entity if the position is not a net new job in the State; created through a change in ownership of a trade or business; created through a consolidation, merger, or restructuring of a business entity if the position is not a net new job in the State; created when an employment function is contractually shifted from an existing business entity in the State to another business entity if the position is not a net new job in the State; or filled for a period of less than 12 months. “Tier I county” means a county with: an average rate of unemployment for the most recent 24–month period for which data are available that exceeds 150% of the average rate of unemployment for the State during that period; an average rate of unemployment for the most recent 24–month period for which data are available that exceeds the average rate of unemployment for the State by at least 2 percentage points; or a median household income for the most recent 24–month period for which data are available that is equal to or less than 75% of the median household income for the State during that period. “Tier I county” includes a county that: no longer meets any of the criteria stated in paragraph (1) of this subsection; but has met at least one of the criteria at some time during the preceding 24–month period.