Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Economic Development topic
No spam. Unsubscribe anytime.
Committee advances DECADE Act altering economic development programs and tax credits
Summary
The Economic Matters Committee moved House Bill 898 (the DECADE Act) favorable as amended after Ways and Means counsel George summarized changes to reporting requirements, the strategic closing fund review period, local-signature requirements for MDAF requests, contracting authority for the Small Business Financing Authority and several tax‑credit provisions.
The Economic Matters Committee advanced House Bill 898, known as the DECADE Act, after counsel from Ways and Means summarized extensive amendments that reshape how several state economic development programs and tax credits are administered.
Ways and Means counsel George told the committee the amendments "alter, enhance, and transfer various economic development programs and tax credits," including new reporting requirements and a change to the period the legislative policy committee has to review Department of Commerce information before money from the newly renamed strategic closing fund may be loaned, granted or invested.
George said the amendments require a letter from a local governing body seeking assistance from the Maryland Economic Development Assistance Fund (MDAF) to "include the signatures of a majority of the members of the governing body," and they change provisions authorizing guarantees or matching funds. The amendments also permit Commerce to contract with a private Maryland corporation to administer some or all programs under the Maryland Small Business Financing Authority (MSFIDFA) and increase the maximum authorized equity-participation financing under that program.
The counsel added the amendments maintain current renewable periods for certain funds, alter eligibility and reporting for a rental assistance program described in the transcript, and strike or modify proposed changes to the biotechnology investment incentive tax credit and the film production tax credit limits. Several proposed expansions of an enhanced enterprise-zone property tax credit were removed in the amendment package.
After the presentation, a committee member moved the bill favorable as amended. There was no substantive floor discussion recorded. Chair (speaker 1) called the roll and announced House Bill 898 "passes 18." The committee concluded the item and moved on to the next voting list.
The committee record indicates the bill was presented as secondary to Ways and Means and that specific technical changes were adopted from that committee's amendments. No mover or seconder was named in the transcript beyond the motion and second being recorded; no formal dissenting arguments on the amendments were recorded in the transcript.
