Section 6-901 - Definitions [Subtitle subject to contingent abrogation]IN EFFECT** CONTINGENCY - IN EFFECT - CHAPTER 350 OF 2018 **
(a) In this subtitle the following words have the meanings indicated.(b) "Benefit year" means a taxable year in which a qualified business entity claims a program benefit established under § 6-904 of this subtitle.(c) "Business entity" means a Fortune 100 company.(d) "Eligible project" means a project established and operated by a business entity that meets the requirements set forth under § 6-903 of this subtitle.(e) "Program" means the Promoting ext-Raordinary Innovation in Maryland's Economy Program established under this subtitle.(f) "Qualified business entity" means a business entity operating an eligible project under this subtitle.(g)(1) "Qualified position" means a position that:(i) is full-time and of indefinite duration;(ii) pays at least $60,000 but not more than $500,000 each year;(iii) is newly created and located at a single eligible project in the State; and(2) "Qualified position" does not include a position that is:(i) created when an employment function is shifted from an existing facility of a business entity in the State to another facility of the same business entity if the position is not a net new job in the State;(ii) created through a change in ownership of a trade or business;(iii) created through a consolidation, merger, or restructuring of a business entity if the position is not a net new job in the State;(iv) created when an employment function is contractually shifted from an existing business entity to another business entity in the State if the position is not a net new job in the State; or(v) filled for a period of less than 12 months.Added by 2018 Md. Laws, Ch. 350,Sec. 1, eff. 6/1/2018. 2018 Md. Laws, Ch. 350,Sec. 6, provides: "(a) If the Department of Commerce fails to certify a business entity as a qualified business entity under Title 6, Subtitle 9 of the Economic Development Article, as enacted by Section 1 of this Act, before January 1, 2022, this Act, with no further action required by the General Assembly, shall be abrogated and of no further force and effect. (b) On or before January 5, 2022, the Secretary of Commerce shall provide notice of the taking effect of the termination provision under subsection (a) of this section to the Department of Legislative Services, 90 State Circle, Annapolis, Maryland 21401. "