Governor Moore unveils Maryland's DECADE Act to boost economic growth and innovation

The Budget and Taxation Committee of the Maryland General Assembly convened on March 4, 2025, to discuss the DECADE Act, a significant legislative proposal aimed at revitalizing the state's economy. Governor Moore opened the session by emphasizing the importance of the bill in fostering long-term economic growth, particularly in light of Maryland's past economic performance, which has lagged behind the national average.

The DECADE Act is designed to address the challenges faced by Maryland's economy by focusing on three key platforms: investing in high-growth sectors, enhancing business attraction and development, and ensuring accountability in state programs. Governor Moore highlighted the need for Maryland to become a leader in industries such as quantum computing, artificial intelligence, clean energy, cybersecurity, and aerospace and defense. He stressed that growth, rather than tax increases or budget cuts, is essential for economic recovery.

The proposed budget allocates $128 million towards targeted investments, with a strong emphasis on leveraging existing state assets to drive private sector growth. The Governor noted that the bill is comprehensive, spanning over 130 pages, and aims to streamline state initiatives to better support economic development.

Harry Coker, acting secretary of the Maryland Department of Commerce, followed the Governor's remarks, outlining specific provisions of the DECADE Act. He discussed the revamping of the Buy Maryland Cyber Credit, which aims to make the program more beneficial for local firms by removing restrictions and making the tax credit refundable for nonprofits and pre-revenue businesses. This change is expected to enhance cybersecurity within Maryland while supporting local companies.

Kelly Schultz, CEO of the Maryland Tech Council, expressed strong support for the DECADE Act, highlighting its strategic focus on key industry sectors and the importance of reducing financial burdens on businesses through tax credits. She noted that these investments would not only drive innovation but also create high-quality jobs in Maryland.

Mark Anthony Thomas, CEO of the Greater Baltimore Committee, emphasized the need for Maryland to position itself competitively in the national economy. He praised the DECADE Act for enhancing economic development tools and fostering collaboration between state resources and the private sector.

During the discussion, concerns were raised about ensuring that rural and economically disadvantaged areas of Maryland receive adequate support. A committee member questioned whether the DECADE Act includes specific incentives for these regions, which have historically faced greater economic challenges. The Governor acknowledged the need for geographic diversity in economic incentives and expressed a commitment to addressing these disparities.

The meeting concluded with a call for collaboration among committee members to refine the DECADE Act and ensure it effectively supports all areas of Maryland. The committee is expected to continue discussions on the bill, with a focus on its potential impact on the state's economic landscape.