Md. Code Regs. 24.05.24.08

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

Section 24.05.24.08 - Earning the Tax Credits

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.

Md. Code Regs. 24.05.24.08

Regulation .08A amended effective April 14, 2003 (30:7 Md. R. 489); adopted effective 45:10 Md. R. 503, eff. 5/21/2018