§ 6-401
160 words·~1 min read·
/md/housing-and-community-development/6-401A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
§6–401.
(a)In this subtitle the following words have the meanings indicated.
(b)“Approved project” means a project that the Department approves under § 6–405 of this subtitle.
(c)“Business entity” means a person that conducts a trade or business in the State and is subject to:
(1)the State income tax on individuals or corporations;
(2)the public service company franchise tax; or
(3)the insurance premiums tax.
(d)“Individual” means an individual as defined under § 10–101 of the Tax – General Article.
(e)“Nonprofit organization” means a nonprofit corporation, foundation, or other legal entity that is exempt from federal income tax under § 501(c)(3) of the Internal Revenue Code.
(f)“Priority funding area” means a priority funding area under § 5–7B–02 of the State Finance and Procurement Article.
(g)“Redevelopment assistance” means the money that nonprofit organizations spend for labor and materials used directly in the physical improvement of part or all of a priority funding area.