Md. Code Ann., Econ. Dev. § 5-1401
Definitions
Effective Oct 1, 2023Added by Acts 2014, c. 530, § 1, eff. June 1, 2014; Acts 2014, c. 531, § 1, eff. June 1, 2014. Amended by Acts 2021, c. 206, § 1, eff. June 1, 2021; Acts 2021, c. 207, § 1, eff. June 1, 2021; Acts 2023, c. 522, § 1, eff. Oct. 1, 2023; Acts 2023, c. 523, § 1, eff. Oct. 1, 2023.State of Maryland
- (a) In this subtitle the following words have the meanings indicated.
- (b) “Area” means a geographic area in one or more political subdivisions in the State described by a closed perimeter boundary.
- (c) “Fund” means the Regional Institution Strategic Enterprise Zone Fund created under § 5-1408 of this subtitle.
- (d) “Nonprofit organization” means an organization that is exempt or eligible for exemption from taxation under § 501(c)(3) of the Internal Revenue Code.
(e) “Qualified institution” means an entity that is designated as a qualified institution under § 5-1403 of this subtitle and may include:
- (1) a regional higher education center as defined under § 10-101 of the Education Article;
- (2) an institution of higher education as defined under § 10-101 of the Education Article; or
- (3) a nonprofit organization that is affiliated with a federal agency.
- (f) “RISE zone” means a geographic area in immediate proximity to a qualified institution that is targeted for increased economic and community development that meets the requirements of § 5-1404 of this subtitle and is designated as a Regional Institution Strategic Enterprise zone by the Secretary under § 5-1404 of this subtitle.
Added by Acts 2014, c. 530, § 1, eff. June 1, 2014; Acts 2014, c. 531, § 1, eff. June 1, 2014. Amended by Acts 2021, c. 206, § 1, eff. June 1, 2021; Acts 2021, c. 207, § 1, eff. June 1, 2021; Acts 2023, c. 522, § 1, eff. Oct. 1, 2023; Acts 2023, c. 523, § 1, eff. Oct. 1, 2023.