Md. Code Regs. 24.05.01.04

Current through Register Vol. 51, No. 24, December 2, 2024

Section 24.05.01.04 - Definitions

A. For purposes of designating enterprise zones and focus areas in enterprise zones within the State, the following terms have the meanings indicated.

B. Terms Defined.

(1) "Area" means a geographic area within one or more political subdivisions within the State described by a closed perimeter boundary.

(2) Business Entity.

(a) "Business entity" means a person operating or conducting a trade or business.

(b) Except as provided in Tax-Property Article, §9-103, Annotated Code of Maryland, "business entity" does not include a person owning, operating, developing, constructing, or rehabilitating property intended for use primarily as a single or multifamily residential property located within an enterprise zone.

(3) "Census" means the United States Census of Population.

(4) "Chronic abandonment" means a condition where there is frequent giving up of land or buildings, or both, with no intent to return or reclaim.

(5) "Department" means the Department of Business and Economic Development.

(6) "Enterprise zone" means an area:

(a) Meeting certain specific requirements and so designated by the Secretary; or

(b) So designated by the United States Government, subject however to Regulation .07D of this chapter.

(7) "Enterprise zone incentives" means the financial incentives described in Economic Development Article, § 5-707, Annotated Code of Maryland, for a business entity locating, investing, or expanding in an enterprise zone.

(8) "Focus area" means an area:

(a) Meeting the requirements of Economic Development Article, § 5-706, Annotated Code of Maryland, and this chapter; and

(b) Designated as a focus area by the Secretary pursuant to Economic Development Article, § 5-706, Annotated Code of Maryland, and this chapter.

(9) "Fund" means the Enterprise Zone Venture Capital Guarantee Fund.

(10) "Political subdivision" means any county or municipal corporation.

(11) "Secretary" means the Secretary of Business and Economic Development.

(12) "Submission date" means April 15 and October 15 of any calendar year.

Md. Code Regs. 24.05.01.04