Bill > HB498

This bill substantially reforms Maryland's economic development programs and infrastructure, focusing on strategic industry targeting and streamlining administrative processes. The bill requires the Department of Commerce to evaluate Maryland's industry sectors and establish a list of priority sectors and activities for additional investment and support. Key provisions include repealing the Maryland Economic Development Commission and Commerce Subcabinet, altering economic development programs and incentives, and modifying various tax credit and grant programs. The bill introduces a new approach to economic development by prioritizing specific industry sectors identified through a systematic evaluation process, with the goal of targeting state resources more effectively to support high-potential economic opportunities. The changes aim to create a more agile, focused economic development strategy that can quickly respond to emerging industry trends and opportunities. The bill will take effect on July 1, 2023, and remain in effect for 7 years, with a planned review and potential sunset in 2030.

Budget and Finance

https://mgaleg.maryland.gov/mgawebsite/Legislation/Details/HB0498?ys=2025RS