Bill > SB388

This bill, the Economic Development - Delivering Economic Competitiveness and Advancing Development Efforts (DECADE) Act, makes several changes to economic development programs in Maryland. It renames the "Economic Development Opportunities Program Account" to the "Strategic Closing Fund" within the Department of Commerce, altering how this fund can be used. Additionally, the bill extends the termination dates for the Build Our Future Grant Pilot Program, the Job Creation Tax Credit, the Research and Development Tax Credit, and the Employer Security Clearance Costs Tax Credit, allowing these programs to continue for longer periods. It also renumbers and reorganizes various economic development programs and subtitles within the Annotated Code of Maryland, including the Regional Institution Strategic Enterprise Zone Program and the Build Our Future Grant Pilot Program, and makes adjustments to the Maryland Small Business Development Financing Fund and its associated programs, including clarifying its successor status and the composition of its fund. The bill also modifies certain tax credits, such as the Research and Development Tax Credit and the Biotechnology Investment Tax Credit, by extending their termination dates and adjusting eligibility criteria or credit amounts, and it amends the property tax credit for businesses located in Regional Institution Strategic Enterprise (RISE) zones.

Budget and Finance

https://mgaleg.maryland.gov/mgawebsite/Legislation/Details/SB0388?ys=2026RS