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MD SB427
MD SB427Economic Development - Delivering Economic Competitiveness and Advancing Development Efforts (DECADE) Act
summary
Introduced
01/21/2025
01/21/2025
In Committee
04/07/2025
04/07/2025
Crossed Over
04/04/2025
04/04/2025
Passed
Dead
04/08/2025
04/08/2025
Introduced Session
2025 Regular Session
Bill Summary
Altering the designation, administration, and purposes of and eligibility for certain economic development programs; redesignating the Maryland Economic Development Assistance Authority to be the Maryland Economic Competitiveness Fund; repealing the Maryland Small Business Development Financing Authority and certain related Funds; making the film production activity tax credit transferable; authorizing a qualified film production entity to amend its application for the tax credit under certain circumstances; etc.
AI Summary
This bill, titled the Economic Development - Delivering Economic Competitiveness and Advancing Development Efforts (DECADE) Act, comprehensively reforms Maryland's economic development programs and structures. The bill eliminates the Maryland Economic Development Commission and Commerce Subcabinet while transferring and modifying various economic development programs and funds. Key provisions include: establishing a new process for evaluating and supporting industry sectors, expanding tax credits for technology and biotechnology investments, increasing potential funding for small businesses and cybersecurity companies, modifying property tax credits for enterprise and RISE zones, and extending the sunset dates for various economic development tax credit programs. The bill aims to streamline economic development efforts, provide more targeted support for emerging industries, and create more flexible mechanisms for supporting business growth across the state. The changes would take effect primarily on July 1, 2025, with some provisions becoming applicable in different tax years. The bill reflects an effort to modernize Maryland's approach to economic development by creating more adaptable and strategic support mechanisms for businesses and industries.
Committee Categories
Budget and Finance, Government Affairs
Sponsors (8)
Ben Brooks (D)*,
Nick Charles (D),
Arthur Ellis (D),
Dawn Gile (D),
Shaneka Henson (D),
Clarence Lam (D),
Ron Watson (D),
Chris West (R),
Last Action
Rereferred to Ways and Means and Appropriations (on 04/07/2025)
bill text
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://mgaleg.maryland.gov/mgawebsite/Legislation/Details/SB0427?ys=2025RS |
| Vote Image | https://mgaleg.maryland.gov/2025RS/votes_comm/sb0427_hru.pdf |
| BillText | https://mgaleg.maryland.gov/2025RS/bills/sb/sb0427t.pdf |
| Floor Amendment 273621/1 (Senator Guzzone) Adopted | https://mgaleg.maryland.gov/2025RS/amds/bil_0007/sb0427_27362101.pdf |
| Floor Amendment 653429/1 (Senator Rosapepe) Adopted | https://mgaleg.maryland.gov/2025RS/amds/bil_0007/sb0427_65342901.pdf |
| Floor Amendment 733122/1 (Senator McCray) Adopted | https://mgaleg.maryland.gov/2025RS/amds/bil_0007/sb0427_73312201.pdf |
| Favorable with Amendments 973829/1 | https://mgaleg.maryland.gov/2025RS/amds/bil_0007/sb0427_97382901.pdf |
| Vote Image | https://mgaleg.maryland.gov/2025RS/votes_comm/sb0427_fin.pdf |
| Vote Image | https://mgaleg.maryland.gov/2025RS/votes_comm/sb0427_b&t.pdf |
| BillText | https://mgaleg.maryland.gov/2025RS/bills/sb/sb0427f.pdf |
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