Bill > HB1459

This bill modifies the composition and operations of the Western Maryland Economic Future Investment Board and adjusts the criteria for the Senator George C. Edwards Fund. The Board's membership is streamlined to include representatives from Districts 1 and 2 appointed by the House Speaker and Senate President, with the Executive Director now serving as a nonvoting member who can break tie votes. The bill introduces new requirements for grant and loan funding, which now must either create or retain at least 25 jobs, create or retain at least 10 jobs paying wages exceeding 120% of the state minimum wage, or generate significant population growth in the project's location. Additionally, the bill prohibits Maryland General Assembly members from serving on the Board and refocuses the Fund's purpose from broadly improving economic conditions to more specifically creating jobs and economic development opportunities. The Fund will continue to receive at least $10 million in annual appropriations, and projects must meet specific matching fund requirements and be evaluated based on the new job creation and economic growth criteria. The bill is set to take effect on July 1, 2025, and aims to provide more targeted economic development support for Western Maryland.

Budget and Finance

https://mgaleg.maryland.gov/mgawebsite/Legislation/Details/HB1459?ys=2025RS