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Unannotated Code of Maryland (Last Updated: May 16, 2014) |
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ECONOMIC DEVELOPMENT |
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DIVISION I. DEPARTMENT OF BUSINESS AND ECONOMIC DEVELOPMENT |
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TITLE 2. DEPARTMENT OF BUSINESS AND ECONOMIC DEVELOPMENT |
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SUBTITLE 1. ORGANIZATION AND GENERAL AUTHORITY OF DEPARTMENT |
§ 2-123. Economic development programs
Latest version.
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(a) "Economic development program" defined. -- In this section, "economic development program" means:
(1) each of the economic development and financial assistance programs established under Title 5 of this article; and
(2) each of the tax credit programs administered by the Department, including:
(i) the Film Production Activity Tax Credit;
(ii) the Job Creation Tax Credit;
(iii) the One Maryland Economic Development Tax Credit;
(iv) the Invest Maryland Program;
(v) the Biotechnology Investment Incentive Tax Credit; and
(vi) the Research and Development Tax Credit.
(b) Department to compile data. -- The Department shall compile data in accordance with this section on the economic development programs administered by the Department.
(c) Reports. -- On or before December 31, 2013, and each year thereafter, the Department shall submit a report on the economic development programs that were administered by the Department during the previous fiscal year to the Governor and, in accordance with § 2-1246 of the State Government Article, the General Assembly.
(d) Report -- Contents. --
(1) The report required under this section shall include the following data, if applicable, on the economic development programs administered by the Department:
(i) the number of jobs created;
(ii) the number of jobs retained;
(iii) the estimated amount of State revenue generated; and
(iv) any additional information required by the Department through regulations.
(2) The report required under this section shall include data in the aggregate and disaggregated by:
(i) each economic development program; and
(ii) each recipient of assistance from an economic development program.
(e) If a recipient of assistance from an economic development program is not meeting the requirements of the economic development program, the Department shall implement a process to assist the recipient in meeting the program requirements.