Higher Education – High Impact Economic Development Activities – Alterations

HB 1054 modifies how the University System of Maryland defines "high impact economic development activities" by explicitly excluding cost savings from job reductions. It requires the Board of Regents to annually report on these activities, including funds used, net benefits, and whether they serve the state's best interests. The bill repeals a provision allowing university employees to work for supporting entities and subjects such entities to state procurement laws. These changes clarify reporting standards and increase transparency around economic development efforts.