Md. Code Regs. 24.01.07.03
Current through Register Vol. 51, No. 22, November 1, 2024
Section 24.01.07.03 - Qualification for a State BenefitA. A State agency shall deny a State benefit to an entity unless the entity: (1) Completes the Corporate Diversity Addendum described in Regulation .02 of this chapter and satisfies §C of this regulation; or(2) Provides to the State agency providing a State benefit the affidavit described in §B of this regulation, affirming that the entity is not required to submit the Corporate Diversity Addendum.B. To affirm that an entity is not required to submit the Corporate Diversity Addendum, the entity shall submit to the State agency providing a State benefit an affidavit signed by a corporate officer or principal of the entity, stating under penalties of perjury, with the name and title of the individual submitting the affidavit, that the entity for which the affidavit is submitted is:(2) A limited liability company owned by a single member;(3) A privately held company if at least 75 percent of the company's shareholders are family members; or(4) An entity that: (a) Has an annual operating budget or annual sales less than $5,000,000; and(b) Does not qualify for a State benefit.C. An entity satisfies this section if it reports that it engages in at least 33 percent of the diversity indicators listed in Regulation .02 of this chapter.D. To the extent that an entity qualifies for State tax credits totaling $1,000,000 or more but for the entity's failure to meet the requirement in §C of this regulation, a State agency may not deny the entity tax credits available under Tax-General Article, §§ 8-207, 8-208, 8-303, 8-406(a), 9-214, 9-315, 10-701, 10-701.1, 10-703, 11-105, and 12-303, Annotated Code of Maryland.E. The affidavit required in §B of this regulation shall be submitted in the form and manner prescribed by the State agency conferring the State benefit.Md. Code Regs. 24.01.07.03
Regulation .03 adopted effective 49:18 Md. R.820, eff. 9/5/2022