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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 6. ECONOMIC DEVELOPMENT TAX INCENTIVES |
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SUBTITLE 5. INVEST MARYLAND PROGRAM |
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PART IV. VENTURE FIRMS AND INVESTMENTS. |
§ 6-519. Qualified business
Latest version.
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(a) Follow-on investments. --
(1) A business that is classified as a qualified business at the time of the first investment in the business by a venture firm, the Enterprise Fund, or the Financing Authority remains classified as a qualified business and may receive follow-on investments from a venture firm, the Enterprise Fund, or the Financing Authority.
(2) Except as provided in paragraph (3) of this subsection, a follow-on investment made under this subsection is a qualified investment even though the business does not meet the definition of a qualified business at the time of the follow-on investment.
(3) With respect to an investment by the Enterprise Fund or the Financing Authority, a follow-on investment does not qualify as a qualified investment if, at the time of the follow-on investment, the qualified business no longer has its principal business operations in the State.
(b) Notification when designated capital for investment required. -- Each venture firm shall inform the Department in writing when the venture firm requires designated capital for investment or for the payment of approved fees and expenses.