Bill > SB388

This bill, the Economic Development - Delivering Economic Competitiveness and Advancing Development Efforts (DECADE) Act, makes several changes to economic development programs and tax provisions. It renames and reorganizes some existing programs, such as the "Economic Development Opportunities Program Account" to the "Strategic Closing Fund," and transfers certain sections of law to different articles within the Annotated Code of Maryland. The bill also enhances reporting requirements for economic development programs, mandating the collection and public availability of data on job creation, salaries, and benefits, as well as information on assistance to minority businesses. Additionally, it modifies the distribution of video lottery terminal proceeds to support small, minority, and women-owned businesses, and exempts certain information technology services, digital codes, and digital products from sales and use tax when sold between affiliated companies. The bill also extends the termination date for certain tax credits, including those for film production activity and research and development, and requires evaluations of these credits. Finally, it makes adjustments to the Regional Institution Strategic Enterprise Zone (RISE zone) program, including changes to designation processes and incentives, and modifies the Build Our Future Grant Program to support innovation in various technology sectors.