Initial Certificate. Order of Approval of Applications. The Department shall review applications on a first-come, first-served basis. The Department shall disapprove: Incomplete applications; Applications that fail to establish that the applicant is a qualified investor or otherwise eligible to claim a tax credit under this chapter; or Applications that fail to establish that the company in which the proposed investment is to be made is a QMBC on the date on which the application is filed. Disapproved applications shall be treated as not having been filed for the purposes of assigning priority to other applications. Approval. Subject to the limitations set forth in §B of this regulation and the eligibility restrictions set forth in §C of this regulation, the Department shall approve and issue an initial certificate to the applicant by regular mail at the address contained in the application with a copy by regular mail to the QMBC at the address contained on the QMBC’s application if: An applicant satisfies the definition of qualified investor; and The biotechnology company to which the investment is proposed to be made is certified by the Department as a qualified Maryland biotechnology company. Tax Credit Amount. The tax credit allowed in an initial certificate is 50 percent of the investment in a qualified Maryland biotechnology company, not to exceed $250,000. The maximum amount of the tax credit shall be stated in the initial certificate. Limitations on Issuance. For the purposes of this section, the Department will review, process, and make allocations of available tax credit on a first come, first served basis in the order in which individual applications are received. Fiscal Year Appropriation Limitation. For any State fiscal year, the Department may not issue initial certificates for credit amounts that in the aggregate total more than a maximum credit amount calculated separately at the time each application is ready for the Secretary’s approval or disapproval and in the order in which applications are received, taking into account the effect of rescinded certificates and revoked certificates, as follows: The sum of the amount appropriated to the Reserve Fund for the State fiscal year in question, and any excess amounts appropriated in prior State fiscal years and carried forward; Reduced by the amount of any funds transferred from the Reserve Fund under the authority of any provision of law other than Tax General Article, §10-725 (g)(4), Annotated Code of Maryland; and Increased by the amount of tax credit appearing on the face of any initial certificate issued in that State fiscal year and subsequently rescinded. Upon request of the Secretary, the Comptroller shall certify to the Secretary the amount of the available funds in the Reserve Fund as of a date certain. The request shall be accompanied by a certification of the Secretary of the aggregate amount of initial certificates issued in the State fiscal year in question through the date of the request. Fiscal Year Aggregate Tax Credit Limitation for Single QMBC. During any fiscal year of the State, the Department may not certify eligibility for tax credits for investments in a single qualified Maryland biotechnology company that in the aggregate exceed 15 percent of the total appropriations to the Reserve Fund for that fiscal year. The Department may not issue an initial certificate for a credit amount with respect to a single qualified Maryland biotechnology company that when aggregated with previously issued initial certificates issued with respect to the same qualified Maryland biotechnology company in the same fiscal year total more than the maximum credit amount for that company under §B(3)(a) of this regulation, calculated separately at the time each application is ready for the Department’s approval or disapproval and taking into account the effect of rescinded certificates and revoked certificates with respect to the same single qualified Maryland biotechnology company. If there is any remaining balance of fiscal year aggregate tax credit under §B(3)(a) of this regulation with respect to a single qualified Maryland biotechnology company, and the amount of tax credit claimed in the next application in order with respect to that single qualified biotechnology company would exhaust or exceed that remaining balance of fiscal year aggregate tax credit under §B(3)(a) of this regulation with respect to that single qualified Maryland biotechnology company, then the Department shall issue an initial certificate for a credit amount that will exhaust the remaining available annual maximum credit amount for that company although less than the amount of the investment requested in that application. Eligibility Restrictions. To be eligible for a tax credit, a qualified investor that is a company as opposed to an entity: Shall be duly organized, existing and in good standing in the jurisdiction under the laws of which it is organized; Shall be current in the payment of all tax obligations to the State or any unit or subdivision of the State; and May not be in default or arrears under the terms of any contract with, indebtedness to, or grant from the State or any unit or subdivision of the State. To be eligible for a tax credit under this chapter, a qualified investor, determined by application of the ownership attribution rules of Regulation .15 of this chapter, may not, after making the proposed investment, own or control more than 25 percent of the equity interests in the qualified Maryland biotechnology company in which the investment is made. Date of Issuance or Disapproval. The Secretary shall approve the application and issue the initial certificate, or disapprove the application, within 30 calendar days after the applicant submits a completed application and any other information requested by the Department.