** CONTINGENCY – IN EFFECT – CHAPTER 350 OF 2018 **

(a)    In this subtitle the following words have the meanings indicated.

(b)    “Benefit year” means a taxable year in which a qualified business entity claims a program benefit established under § 6–904 of this subtitle.

(c)    “Business entity” means a Fortune 100 company.

(d)    “Eligible project” means a project established and operated by a business entity that meets the requirements set forth under § 6–903 of this subtitle.

(e)    “Program” means the Promoting ext–Raordinary Innovation in Maryland’s Economy Program established under this subtitle.

(f)    “Qualified business entity” means a business entity operating an eligible project under this subtitle.

(g)    (1)    “Qualified position” means a position that:

(i)    is full–time and of indefinite duration;

(ii)    pays at least $60,000 but not more than $500,000 each year;

(iii)    is newly created and located at a single eligible project in the State; and

(iv)    is filled.

(2)    “Qualified position” does not include a position that is:

(i)    created when an employment function is shifted from an existing facility of a business entity in the State to another facility of the same business entity if the position is not a net new job in the State;

(ii)    created through a change in ownership of a trade or business;

(iii)    created through a consolidation, merger, or restructuring of a business entity if the position is not a net new job in the State;

(iv)    created when an employment function is contractually shifted from an existing business entity to another business entity in the State if the position is not a net new job in the State; or

(v)    filled for a period of less than 12 months.