Expedited Bill No. _---'5::..--'-'10"'--_ __
Concerning: Economic Development ­
Biotechnology Credit -
County
Supplement
Revised: 3-10-10
Draft No. 2
Introduced:
February 2, 2010
Enacted:
March 16, 2010
Executive: _ _ _ _ _ _ _ _ __
Effective: _---:----:-_ _ _ _ _ __
Sunset Date:
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_ _ _ _ __
Ch,
Laws of Mont. Co. _ __
COUNTY COUNCIL
FOR MONTGOMERY COUNTY, MARYLAND
By: Councilmember Knapp, Council Vice President Ervin, Councilmember Leventhal,
Council President Floreen, Councilmember Trachtenberg and Councilmember Navarro
AN EXPEDITED ACT
to:
(1)
authorize the County to supplement the state biotechnology investment incentive tax
credit; and
(2)
generally amend the law governing County financial incentives for investment in
certain businesses.
By adding
Montgomery County Code
Chapter 20, Finance
Section 20-76A
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Heading or defined term.
Added to existing law by original bill.
Deletedfrom existing law by original bill.
Added by amendment.
Deletedfrom existing law or the bill by amendment.
Existing law unaffected by bill.
The County Council for Montgomery County, Maryland approves the following Act:
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EXPEDITED BILL
No. 5-10
1
Sec.
1.
Section 20-76A is inserted as follows:
20-76A.
Biotechnology investment incentive tax credit supplement.
The Director of Finance must pay. subject to appropriation, a
Biotechnology Investment Incentive Tax Credit Supplement to each
applicant who meets certain eligibility standards.
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An applicant, who need not be
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County resident, is eligible to receive
the Supplement if:
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the applicant has been designated as a qualified investor under
state law and has received
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final tax credit certificate for the
Maryland biotechnology investment incentive tax credit for the
year in which the Supplement is claimed; and
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the tax credit received
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the applicant was generated
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an
investment in
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qualified Maryland biotechnology company. as
defined in state law, that has its headquarters and base of
operations in the County.
(£)
The County Executive,
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regulations issued under Method
ill
may
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impose other eligibility standards. However, those standards must not
make any person ineligible to receive the Supplement who would be
eligible under subsection (Q1
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The Supplement paid to each recipient must equal 50% of any tax credit
the recipient receives from the State biotechnology investment incentive
tax credit program. or a lower percentage. set in the annual operating
budget resolution. which reflects the relative proportions of the
respective annual appropriations for the state tax credit and the County
supplement.
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The Director must require each eligible person to submit an application
for the Supplement and may take any other action necessary to
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EXPEDITED BILL
No.
5-10
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administer the Supplement. The Executive may issue regulations under
Method
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to
specify an application process and otherwise implement
this Section.
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If the Comptroller of the Treasury agrees, the Director may arrange for
the Comptroller to 00 the Supplement on behalf of the County. To the
extent that the Comptroller does not 00 the supplement, the Director
must 00
it
directly to each eligible applicant.
{g)
A person who submits
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false or fraudulent application, or withholds
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material information, to obtain
payment under this Section has
committed
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Class A violation. In addition, the person must repay the
County for all amounts improperly paid and all accrued interest and
penalties that would
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to
those amounts as if they were overdue
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taxes. A person who violates this Section is liable for all court costs and
expenses of the County in any civil action brought
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the County to
recover any payment, interest, or penalty. The County may collect any
amount due, and otherwise enforce this Section,
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any appropriate
legal action.
[b}
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If all or part of the allowed state
tax
credit is recaptured under the
applicable state law, the recipient must repay the County within 60 days
the portion of any Supplement paid
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the County that was based on the
recaptured credit.
Sec. 2.
Expedited Effective Date.
The Council declares that this Act is necessary for the immediate protection of
the public interest. This Act takes effect on the date when it becomes law.
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ExPEDITED BILL
No. 5-10
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Approved:
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Approved:
Isiah Leggett, County Executive
This is a correct copy ofCouncil action.
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Date
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Date
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Linda M. Lauer, Clerk ofthe Council
Date
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