Around Maryland, Business, Politics

Governor Moore signs economic development legislation promoting commitment to creating an economically competitive Maryland

ANNAPOLIS, MD—Governor Wes Moore this week presided over the Moore-Miller Administration’s fifth bill signing, highlighting the administration’s “commitment to collectively strengthening the state’s diverse assets to create a more economically competitive Maryland,” according to the official press release.

The governor signed nearly 200 pieces of legislation into law focused on economic development, state and local taxes, Maryland’s natural resources, transportation, and agriculture.

“Leaving no one behind means leaving no part of our economy behind – from agriculture to the arts,” said Gov. Moore. “These bills are centered on making our economy more equitable, more competitive, and more innovative. We don’t have to choose between a competitive economy and an equitable economy — we can, and will, do both. That is how Maryland leads, that is how Maryland wins, and that is how Maryland sets the pace for not just the country, but the world.”​

“Our administration is committed to building an economy that works for all Marylanders,” said Lt. Gov. Miller. “For too long, too many Marylanders have been shut out of economic success. These bills signed today not only increase economic opportunities in our state – they also open doors for more Marylanders to participate in those opportunities.”

Included among Governor Moore’s pieces of legislation signed this week are:

H.B. 552, The Innovation Economy Infrastructure Act of 2023, establishes the Build Our Future Grant Pilot Program in the Department of Commerce to provide funding for certain costs for infrastructure projects in eligible technology sectors. This legislation requires certain grantees to provide matching funds and to demonstrate certain abilities and requires the Department to report to the Governor and the General Assembly on the projects funded through and the economic impact of the Program by July 1, 2026.

H.B. 548, The Access to Banking Act, establishes the Maryland Community Investment Venture Fund as an instrumentality of the state for purposes of developing opportunities for banking institutions and credit unions to better serve the needs of low-to moderate-income tracts. This legislation provides for certain assessment offset credits for certain banking institutions and credit unions in certain areas, authorizing the use of the Banking Institution and Credit Union Regulation Fund for certain purposes.​

S.B. 452, The Film Production Activity Income Tax Credit, will expand eligibility for the credit against the State income tax for certain film production activities to include documentaries and talk, reality, and game shows. This legislation increases the percentage of total direct costs that qualify for the tax credit, increases the aggregate amount of tax credit certificates that the Secretary of Commerce may issue to for fiscal years 2024 through 2026, and establishes the Maryland Entertainment Council to study and make recommendations regarding Maryland’s film, television, and entertainment industry.

S.B. 34, Department of Agriculture – State Specialist for Value-Added Agriculture, will establish the State Specialist for Value-Added Agriculture as a position in the Department of Agriculture to serve as the primary point of contact for individuals engaging in, or interested in engaging in, value-added agriculture in Maryland.

The complete list of bills signed into law is available online here.

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