Bill > HB898

This bill, the Economic Development - Delivering Economic Competitiveness and Advancing Development Efforts (DECADE) Act, aims to enhance economic development programs in Maryland by restructuring existing initiatives, expanding reporting requirements, and providing tax incentives. Key provisions include the renaming and relocation of certain economic development funds, such as the "Strategic Closing Fund" formerly known as the "Economic Development Opportunities Program Account," and the renumbering of programs like the "Regional Institution Strategic Enterprise Zone Program" and the "Build Our Future Grant Pilot Program." The bill mandates more detailed reporting on economic development programs, including job creation, salary ranges, and benefits offered, and requires the Department of Commerce to maintain a publicly accessible database of program recipients and their outcomes. It also modifies the administration and funding of programs like the Maryland Small Business Development Financing Fund and the Build Our Future Grant Program, and extends the termination date for certain tax credits, including those for film production activities and research and development. Additionally, the bill introduces new provisions related to sales and use tax exemptions for certain digital products and services, and establishes reporting requirements for the Comptroller and the Department of Commerce regarding tax credit tracking and utilization.