Bill > SB409

This bill expands the powers and capabilities of economic development authorities established by counties or municipal corporations in Maryland. The bill broadens the acceptable names for such authorities, now allowing them to be called "Industrial Development Authority," "Revenue Authority," "Redevelopment Authority," or similarly named entities. The legislation significantly enhances the authorities' abilities to fund, develop, and manage economic projects, including acquiring and improving real and personal property, issuing bonds, making loans, and implementing development plans. Key provisions include allowing authorities to receive funds from various public, private, and nonprofit sources, own and manage property, enter into contracts, and use funds for a wide range of purposes such as infrastructure improvements, housing development, and economic revitalization. The bill also introduces new oversight mechanisms, requiring authorities to submit annual reports to their legislative bodies and establishing clearer guidelines for their operations. Additionally, the bill provides more flexibility in how these authorities can use tax increment proceeds and expands the scope of projects they can undertake, including supporting affordable housing, infrastructure development, and economic incentives. The changes will take effect on October 1, 2025, and aim to provide local governments with more robust tools for economic development and community improvement.

Budget and Finance

https://mgaleg.maryland.gov/mgawebsite/Legislation/Details/SB0409?ys=2025RS