Article - Economic Development
(a) In this subtitle the following words have the meanings indicated.
(b) “Board” means the Board of Directors of the Corporation.
(c) “Corporation” means the Maryland Technology Development Corporation.
(d) “Improve” means to add, alter, construct, equip, expand, extend, improve, install, reconstruct, rehabilitate, remodel, or repair.
(e) “Investment committee” means a committee appointed by the Board to advise on and approve investments as required under this subtitle.
(f) “Principal business operations” means the headquarters from which the business’s officers direct, control, and coordinate the business’s activities.
(g) “Qualified business” means a business that, at the time of the first investment in the business under a program of the Corporation, except as otherwise provided in this subtitle:
(1) (i) has its principal business operations located in the State, has over half its workforce working in the State, and intends to maintain its principal business operations in the State after receiving an investment under the program; or
(ii) is a business or start–up business that is approved by the investment committee and will, as a result of the investment, have a substantial economic impact in the State through job creation, capital investment, and contribution to the State’s technology ecosystem;
(2) has agreed to use the investment primarily to:
(i) support business operations in the State; or
(ii) in the case of a start–up company, establish and support business operations in the State;
(3) has not more than 250 employees; and
(4) is not primarily engaged in:
(i) retail sales;
(ii) real estate development;
(iii) the business of insurance, banking, or lending; or
(iv) the provision of professional services by accountants, attorneys, or physicians.