Section 14-203 - Qualified businesses(a) By regulation, the Board shall specify the criteria that a business must meet to qualify as a small business.(b)(1) The criteria for qualification as a small business may vary among industries to reflect their particular characteristics.(2) Regulations adopted under this section shall include, for each class of business, the maximum number of employees a business may have to qualify as a small business.(c) The regulations adopted under subsection (a) of this section shall require the qualification of a business as a small business for the exclusive purpose of pursuing out-of-state contracts, if the business has: (1) 250 or fewer employees; or(2) average annual gross receipts of $10,000,000 or less averaged over its most recently completed 3 fiscal years.Amended by 2024 Md. Laws, Ch. 653,Sec. 1, eff. 10/1/2024.Amended by 2019 Md. Laws, Ch. 316, Sec. 1, eff. 10/1/2019.Amended by 2019 Md. Laws, Ch. 315, Sec. 1, eff. 10/1/2019.