It is essential to advocacy work on the state level to engage with federal officials on various issue areas to support Maryland and its ability to be better for business and its residents.
During the 116th Congress we had success in advocating for the Economic Growth, Regulatory Relief, and Consumer Protection Act. Specifically we advocated for 1) changing the definition of qualified mortgages to include, for purposes of safe harbor, certain requirements for residential mortgage loans when they originate from a bank’s portfolio and 2) the redefining of high volatility as it pertains to commercial real estate loans and exempt community banks from these requirements. Both of those provisions were included in the final language of the bill, which was signed into law.
National Flood Insurance Program (NFIP) Reform
The Maryland Chamber supports long-term reauthorization of the NFIP program with meaningful reform so that homeowners can afford this necessary insurance and the government does not sink money into a non-efficient insurance program. This reform would include setting rates on actuarial adjusted risk assessments, using up-to-date floodplain maps, and improving support to communities planning for disaster.
Read how it will impact Maryland.
State and Local Tax (SALT) Relief
As part of the federal Tax Cuts and Jobs Act (TJCA), SALT deductions were capped at $10,000. This has been especially harmful to states with high state and local taxes such as Maryland. Relief in this form would come in the increasing of this cap.
Defense Reauthorization, Reform and Appropriations
We continue to support funding for Maryland’s many bases and installations including Fort Meade, Aberdeen Proving Ground, Fort Detrick, Naval Air Station Patuxent River and more. In addition to supporting the reauthorization of the Armed Services through the National Defense Reauthorization Act, we support reforms to the defense procurement process specifically in recruiting and retaining more non-college graduates with workforce training.
Infrastructure and Environmental Appropriations
We support continued funding for Maryland’s roads, bridges, and waterways. We believe cleaning the Chesapeake Bay and investing in programs such as nutrient credit trading and other economically-based solutions to address environmental protection, are solutions our environment needs. Additionally, securing Better Utilizing Investments to Leverage Development (BUILD) Transportation grants and other grants for roads and bridges is a priority of ours.
Apprenticeship and Workforce Development Proliferation
We support appropriations that increase apprenticeship programs and provide training to in-demand careers. This includes continue reauthorization of the Perkins Career and Technical Education (CTE) program and others.
