Code of Maryland Regulations
Title 24 - DEPARTMENT OF COMMERCE
Subtitle 05 - ECONOMIC DEVELOPMENT
Chapter 24.05.24 - One Maryland Economic Development Tax Credits
Section 24.05.24.08 - Earning the Tax Credits

Universal Citation: MD Code Reg 24.05.24.08

Current through Register Vol. 51, No. 6, March 22, 2024

Before a qualified business entity earns a tax credit, it shall meet the following timing requirements:

A. Construction, acquisition, or installation of the project shall begin within 12 months after the earlier of the date on which the qualified business entity:

(1) Notifies the Department in writing that it intends to apply for a tax credit for a project in that county; or

(2) Provides a written application to the Department for a tax credit for a project in that county;

B. The project shall be completed no later than the date which is 3 years after the date on which the qualified business entity began construction, acquisition, or installment of the project;

C. The qualified business entity shall have created and filled at least 25 qualified positions at the project within any 24-month period occurring during the period beginning on the date of notification of an intent to seek certification and ending 24 months after completion of the project; and

D. The 25 qualified positions shall have been filled for 12 months, which need not be consecutive.

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