Expedited Bill No.
34-11
Concerning: Biotechnology Investment
Incentive Tax Credit Supplement ­
Amendment
Revised: 11-22-11
Draft No. 6
Introduced:
October 25, 2011
Enacted:
November 29, 2011
Executive: _ _ _ _ _ _ _ __
Effective: _ _ _ _ _ _ _ _ __
Sunset Date:
~No:::::.:n.:.::e:.._
_ _ _ _ __
Ch. _ _, Laws of Mont. Co.
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COUNTY COUNCIL
FOR MONTGOMERY COUNTY, MARYLAND
By: Council President at the Request of the County Executive
AN EXPEDITED ACT
to:
clarify
the proportion of the annual Biotechnology Investment Incentive Tax Credit
(1)
Supplement an applicant may receive; and
(2)
generally amend the law relating to the Biotechnology Investment Incentive Tax
Credit Supplement.
By amending
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.
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Existing law unaffected by bill.
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The County Council for Montgomery County, Maryland approves the following Act:
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EXPEDITED BILL
No. 34-11
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Sec.
1.
Section 20-76A is amended as follows:
20-76A. Biotechnology [investment incentive tax credit supplement} Investment
Incentive Tax Credit Supplement.
[[*
(
a)
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The Director of Finance must pay, by January 31 each year, subject to
appropriation, a Biotechnology Investment Incentive Tax Credit
Supplement to each applicant who meets certain eligibility standards.
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(b)
An
applicant, who need not be a County resident, is eligible to receive
the Supplement if:
(1)
the applicant has been designated as a qualified investor under
state law and has received a fmal tax credit certificate for the
Maryland biotechnology investment incentive tax credit for the
:greceding calendar year [[in which the Supplement is claimed]];
and
(2)
the tax credit received by the applicant was generated by an
investment in a qualified Maryland biotechnology company, as
defmed in state law, that has its headquarters and base of
operations in the County.
(c)
The County Executive, by regulations issued under Method (1), may
impose other eligibility standards. However, those standards must not
make any person ineligible to receive the Supplement who would be
eligible under subsection
(b).
(d)
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ill
The Supplement paid to each [recipient must equal] eligible
applicant must equal the product of:
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[[ill]]
(A)
the amount of the credit received
Qy
the applicant
under the State Biotechnologv Investment Tax Credit
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PrOQram.
divided bv the total amount
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credits received
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EXPEDITED Bill
No. 34-11
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1lY
all Montgomery County biotechnology companies
under the State Biotechnology Investment Tax Credit
Program during the preceding calendar year; and
([rn]]
!!U
the total amount of funds appropriated to the
Supplement Program for that fiscal year.
(2J
The Supplement paid to any recipient must not exceed:
CA)
50% of [any] the State tax credit [the recipient] ([an
eligible applicant)) that 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]
Maryland
Biotechnology
Investment Tax Credit Program in ([any given]] the
preceding calendar year[[:.
An
eligible applicant must not
receive more
than]]~
or
Wl
(e)
15% of the total annual appropriation for the Supplement
program.
The Director must [[require each eligible person to submit an
application for the Supplement]] reqyest from the Comptroller of the
Treasury and Department of Business
and
Economic Development. by
January 15 of each yeaL a list of each qualified
i~or
for a qyalified
Maryland biotechnology company that was issued a final credit
certificate during the preceding calendar year in order to calculate the
Supplement paid under subsection Cd). and may take any other action
necessary to administer the Supplement.
The Executive may issue
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ExPEDITED BILL
No. 34-11
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regulations under Method (1) to [[specify an application process and
otherwise]] implement this Section.
(f)
If the Comptroller of the Treasury agrees, the Director may arrange for
the Comptroller to pay the Supplement on behalf of the County. To the
extent that the Comptroller does not pay the supplement, the Director
must pay it directly to each [[eligible applicant]] recipient.
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*
Sec.
2. Expedited Effective Date.
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IS
The Council declares that this legislation
necessary for the immediate
protection of the public interest. This Act takes effect on the date when it becomes
law.
Approved:
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tJ,u,.4;
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Valerie Ervin, Presl
,ounty CouncIl
Approved:
Ilkjaoll
date
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Isiah Leggett, County Executive
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Date
This is a correct copy ofCouncil action.
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Linda M. Lauer, Clerk ofthe Council
Date
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