(a) By regulation, the Secretary of General Services, the Secretary of Transportation, the Chancellor of the University System of Maryland, and the President of Morgan State University each shall specify the criteria that a business must meet to qualify as a small business.
(b) (1) The criteria for qualification as a small business may vary among industries to reflect their particular characteristics.
(2) Regulations adopted under this section shall include, for each class of business, the maximum number of employees a business may have to qualify as a small business.
(c) The regulations adopted under subsection (a) of this section shall require the qualification of a business as a small business for the exclusive purpose of pursuing out–of–state contracts, if the business has:
(1) 250 or fewer employees; or
(2) average annual gross receipts of $10,000,000 or less averaged over its most recently completed 3 fiscal years.
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