Bill
Bill > SB765
MD SB765
Economic Development - Business Diversity Incubator Program and Fund - Established
summary
Introduced
02/01/2024
02/01/2024
In Committee
03/16/2024
03/16/2024
Crossed Over
03/15/2024
03/15/2024
Passed
Dead
04/08/2024
04/08/2024
Introduced Session
2024 Regular Session
Bill Summary
Establishing the Business Diversity Incubator Program and Fund in the Department of Commerce to provide grants to certain business entities to establish diverse and effective business incubators in the State; authorizing the Governor in each of fiscal years 2026 through 2031, to include in the annual budget bill an appropriation of $5,000,000 to the Business Diversity Incubator Fund; etc.
AI Summary
This bill establishes the Business Diversity Incubator Program and Fund in the Department of Commerce to provide grants to qualifying business incubators in Maryland. The program aims to support diverse and effective business incubators, particularly those serving socially and economically disadvantaged entrepreneurs. The bill outlines the criteria for a "qualified incubator" and authorizes the Governor to include $5 million in annual appropriations to the fund from 2026 to 2031. The bill also requires grant recipients to report on the use and impact of the grants, and the Department of Commerce to report annually to the General Assembly on the program's activities.
Committee Categories
Budget and Finance
Sponsors (1)
Last Action
Hearing 3/28 at 12:00 p.m. (on 03/28/2024)
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://mgaleg.maryland.gov/mgawebsite/Legislation/Details/SB0765?ys=2024RS |
| BillText | https://mgaleg.maryland.gov/2024RS/bills/sb/sb0765t.pdf |
| Vote Image | https://mgaleg.maryland.gov/2024RS/votes_comm/sb0765_fin.pdf |
| BillText | https://mgaleg.maryland.gov/2024RS/bills/sb/sb0765f.pdf |
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