<?xml version='1.0' encoding='utf-8'?>
<regulation prefix="Regulation" num=".08" citation="COMAR 24.05.27.08" title_num="24" subtitle_num="05" chapter_num="27" heading="Income Tax Certification Procedures.">
  <paragraph num="A.">
    <text>First Benefit Year. For each eligible project, a qualified business entity may submit an initial application no sooner than July of the fiscal year following the close of the first fully completed fiscal year that the qualified business entity is enrolled in the Program under Regulation .06F of this chapter and the business entity claims a Program benefit.</text>
  </paragraph>
  <paragraph num="B.">
    <text>Subsequent Benefit Years.</text>
    <paragraph num="(1)">
      <text>For each eligible project, a qualified business entity may submit an initial application no sooner than July of the fiscal year following the fiscal year referenced under §A of this regulation.</text>
    </paragraph>
    <paragraph num="(2)">
      <text>A business entity shall receive a final certificate for a previous benefit year before submitting an initial application.</text>
    </paragraph>
  </paragraph>
  <paragraph num="C.">
    <text>Application Window.</text>
    <paragraph num="(1)">
      <text>The Department shall establish the period during the fiscal year for accepting initial applications for the purposes of determining priority under Regulation .09 of this chapter.</text>
    </paragraph>
    <paragraph num="(2)">
      <text>The Department may establish more than one period during the fiscal year for accepting initial applications.</text>
    </paragraph>
  </paragraph>
  <paragraph num="D.">
    <text>A qualified business entity that receives an initial certificate may submit a final application at any time.</text>
  </paragraph>
  <paragraph num="E.">
    <text>Limitations.</text>
    <paragraph num="(1)">
      <text>For any fiscal year, the Department may not issue initial tax credit certificates for credit amounts in the aggregate totaling more than $9,000,000 in a fiscal year.</text>
    </paragraph>
    <paragraph num="(2)">
      <text>For each eligible project, a qualified business entity may not submit more than one initial application in a fiscal year except as provided in §E(3) of this regulation.</text>
    </paragraph>
    <paragraph num="(3)">
      <text>A qualified business entity may submit an initial application during each period within the fiscal year established by the Department under §C(2) of this regulation.</text>
    </paragraph>
    <paragraph num="(4)">
      <text>A qualified business entity shall receive a final certificate for a previous benefit year before submitting an initial application.</text>
    </paragraph>
    <paragraph num="(5)">
      <text>The amount of the tax credit in the final certificate may not exceed the reserved amount from the initial certificate.</text>
    </paragraph>
  </paragraph>
</regulation>