Bill > HB1054

This bill modifies the definition and reporting requirements for "high impact economic development activities" within the University System of Maryland. Specifically, the bill excludes cost savings from employee reductions from being considered a high impact economic development activity. It requires the Board of Regents to submit an annual report to several legislative committees and the Board of Public Works that details the amount of state or university funds used for each high impact activity, the net benefit of each activity, and a determination of whether each activity is in the best interest of the state. The bill also subjects these economic development activities to state procurement law, mandating a review process that involves various legislative committees and state government units. Additionally, the bill establishes more stringent policies for creating and managing entities intended to support high impact economic development, including requirements for Board of Regents recognition, annual independent audits, and safeguards against conflicts of interest. The changes will take effect on July 1, 2025, and aim to increase transparency and accountability in how the University System of Maryland pursues economic development initiatives.

Budget and Finance

https://mgaleg.maryland.gov/mgawebsite/Legislation/Details/HB1054?ys=2025RS