Maryland Code, HOUSING AND COMMUNITY DEVELOPMENT 6-401
Terms Used In Maryland Code, HOUSING AND COMMUNITY DEVELOPMENT 6-401
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Person: includes an individual, receiver, trustee, guardian, personal representative, fiduciary, representative of any kind, corporation, partnership, business trust, statutory trust, limited liability company, firm, association, or other nongovernmental entity. See
- state: means :
(1) a state, possession, territory, or commonwealth of the United States; or
(2) the District of Columbia. See
(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.