Economic Development - Transformational Project Financing Program - Establishment
In the House - Hearing 3/31 at 1:00 p.m. (Economic Matters)
Summary
The bill establishes the Transformational Project Financing Program within the Maryland Economic Development Corporation, allowing political subdivisions to apply for a State‑supported development district status. Approved districts must pledge local property‑tax increments to a special fund, while the state deposits attributable income and sales tax revenues into the same fund. The program is intended to spur population, employment, and commercial growth in areas that need state participation to be viable.
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