Senate President Thomas V. Mike Miller and House Speaker Michael E. Busch unveiled an economic development agenda and legislative package for the 2014 legislative session. During this morning’s announcement, they were joined by business, university and legislative leaders, including Maryland Chamber President/CEO Kathy Snyder.
“Thanks to the leadership of the lawmakers assembled here today, this legislative package will help make Maryland more competitive in technology, innovation and entrepreneurship.,” Snyder said. “Increased collaboration between the business community, government and Maryland’s higher education community will lead to economic growth and the creation of more high paying jobs for Marylanders.”
“We benefit from a strong system of public and higher education institutions which enable us to better leverage state investments to build the innovation economy,” Speaker Busch said. “This agenda will be a priority for the House this year and set the state for continuing economic prosperity into the future.”
Elements of the plan include:
Recoupling the Estate Tax: Legislation to recouple Maryland’s estate tax to the federal tax over a four year period.
Private Sector Commission: A private sector commission chaired by former Lockheed Martin CEO Norman Augustine to evaluate Maryland’s economic development structure and incentive programs to make recommendations to the presiding officers by the end of the year. The commission recommendations will focus on improving those areas that could hinder economic growth and global competitiveness.
RISE Districts: Reduced tax zones to support investment around anchor institutions. The Regional Institution Strategic Enterprise District Program will utilize enhanced property and income tax credits and accelerated depreciation schedules to spur investment in areas around designated State, federal and higher education institutions.
Cyber Seed Investment Fund: This new fund would make investments of up to $100,000 in early state cyber companies developing products for both government and commercial marketings. It is modeled after TEDCO’s successful Technology Commercialization Fund.
Maryland E-nnovation: Initiative to 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.
“This is a package of bills, that when coupled with the strength of our academic institutions, is going to make Maryland the global leader in the innovation economy,” said Brit Kirwan, Chancellor of the University System of Maryland.
To view more details about the plan, click here.