Regulation .01 Purpose.
Regulation .01 Purpose.LinkCopy Citation
A.
This chapter describes the:
(1)
Requirements for a qualified investor to receive a certificate allowing it to claim a credit against the State income tax for an investment in a qualified Maryland biotechnology company;
(2)
Criteria to be applied by the Department of Commerce to determine whether a company will be certified as a qualified Maryland biotechnology company; and
(3)
Procedures to be used by the Department of Commerce to:
(a)
Receive, review, and approve or disapprove applications by investors claiming eligibility for the tax credit;
(b)
Determine whether investors are qualified investors;
(c)
Perform a criteria-referenced assessment and evaluation of companies to determine eligibility for certification as a qualified Maryland biotechnology company;
(d)
Issue initial and final tax credit certificates;
(e)
Issue certificates that a company is a qualified Maryland biotechnology company;
(f)
Monitor and audit investments in qualified Maryland biotechnology companies;
(g)
Monitor, audit, and make inquiries about:
(i)
The continued eligibility of tax credit certificate holders for tax credits;
(ii)
The continued eligibility for certification as a qualified Maryland biotechnology company; and
(iii)
The continued presence of a qualified Maryland biotechnology company, and the continued maintenance by it of its headquarters and the base of its biotechnology activities, in the State;
(h)
Rescind or revoke initial or final tax credit certificates; and
(i)
Rescind or revoke certificates that a company is a qualified Maryland biotechnology company.
B.
The Comptroller of the Treasury administers the tax credit, any recapture or assessment procedures in connection with the tax credit, and the Reserve Fund.