Housing (Economic Development)

HB 1452 establishes the Suitland Development Authority in Prince George’s County to revitalize the Suitland Road and Silver Hill Road intersection area, which has faced decades of underdevelopment and blight. The Authority will create neighborhood revitalization plans with resident input, modify project boundaries (subject to a vote), manage finances, and operate tax-exempt under certain conditions. It directly affects residents and businesses in this specific neighborhood by aiming to boost economic activity, reduce unemployment, retain existing businesses, and increase property tax revenue for the county and state. The bill creates a new government entity focused on targeted neighborhood redevelopment, not broader policy changes.

HB 983 modifies Maryland's tax credit programs and exemptions. It terminates the Enterprise Zone Program and the One Maryland Economic Development Tax Credit Program on specific dates, ending eligibility for related tax benefits. The bill also limits annual claims for enterprise zone tax credits, restricts carryforwards for film production tax credits, and repeals sales tax exemptions for concrete, telecom equipment, and construction materials. Additionally, it alters eligibility rules for certain vehicle tax credits and ends property tax credits tied to enterprise zones.

SB 372 establishes Maryland's New Markets Development Program to incentivize private investment in low-income communities. It creates a refundable tax credit against state income tax and certain insurance taxes for investors who make qualified equity investments in Maryland-based community development entities serving low-income areas. The credit provides 5% of the investment amount for the first three years and 8.75% for the next four years, totaling seven years. This directly affects investors, community development entities, and qualifying low-income businesses that receive capital to support job creation and economic development in underserved areas.

SB 455 establishes the Transformational Project Financing Program to help local governments fund large-scale development projects in designated areas. It allows counties or cities to apply to the Maryland Economic Development Corporation for "State-supported development district" status, requiring them to redirect property tax increases (tax increment) from these areas into a special fund instead of the general budget. This fund finances projects in priority areas like sustainable communities, transit-oriented developments, and designated enterprise zones. The bill creates new rules for calculating state revenue contributions and managing bond proceeds specifically for these designated districts.