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Transformational project financing bill aims to unlock major redevelopment by sharing tax gains
Summary
House Bill 506 would authorize state participation in tax‑increment financing (TIF) through Medco for qualifying transformational projects, allowing use of net‑new state income and sales tax revenues to support local bonds; developers and county executives said the tool would boost bond capacity and revive stalled projects without upfront state outlays.
Delegate Chee told the Economic Matters Committee HB 506 establishes a Transformational Project Financing program at the Maryland Economic Development Corporation (Medco) to enable the state to participate in tax‑increment financing for projects that produce net‑new state revenues. The sponsor framed the bill as a targeted, performance‑based tool that would require local commitment, independent economic…
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