Governor Signs Economic Development Package

Governor Martin O’Malley held his final bill signed ceremony today, and four key economic development bills were among the nearly 200 bills signed into law. The bills were a part of a joint legislative package championed by Senate President Thomas V. Mike Miller, Jr. and House Speaker Michael E. Busch, and supported by the Maryland Chamber. 

The bills included:

Recoupling the Estate Tax – A priority bill for the Maryland Chamber this session, this proposal will gradually recouple Maryland’s estate tax to the federal tax over a five-year period to establish a more equitable tax policy across state lines and positively impact small businesses in Maryland. 

Reduced tax zones to support investment around anchor institutions – RISE Districts – The Regional Institution Strategic Enterprise  (RISE) District Program will utilize property and income tax credits and accelerated depreciation schedules to spur investment in areas around anchor institutions like universities and other State and federal facilities.

New Cybersecurity Investment Fund – This new Cybersecurity Investment Fund will provide early stage seed funding for emerging Maryland companies focused on cybersecurity and cybersecurity technology product development, with a very modest invest of $2 million annually. The fund will make investment of up to $100,000 into seed/early-stage cyber security and privacy companies developing products for both government and commercial markets.

Leveraging public and private sector capital for higher-education research endowments – The E-Nnovation Initiative would allow for the auctioning of varied tax credits to the private sector to match higher education funding to attract the best and brightest talent to Maryland universities. This will leverage public and private sector capital to fund endowed chairs in targeted areas of science and technology research. The goal of the program is to create globally recognized research and development programs that maximize Maryland’s innovation assets and create private sector investment, opportunities and jobs.

For more information, contact Mathew Palmer at mpalmer@mdchamber.org

Legislative Issues Tag: CompetitivenessTaxes

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