Wednesday, April 06, 2011
Invest Maryland Moves Forward
The House Ways and Means Committee approved an amended version of Governor Martin O’Malley’s Invest Maryland program earlier this week.
The scaled down program would generate $70 million to $75 million in investment funding for emerging Maryland technology companies by auctioning up to $100 million in premium tax credits to insurance companies at a discounted rate.
The committee decreased the size of the program and adjusted how the funds would be distributed. Under the Governor’s plan half the funds would have been distributed through the Department of Business and Economic Development (DBED) and the other half through private sector venture funds. Under the Committee’s plan, two-thirds will be distributed by private sector venture funds and one-third by DBED.
The Maryland Chamber supports the program as a way to stimulate job creation and economic growth in Maryland. If you’d like more information, Nick Sohr has a great write up in today’s Daily Record.
Update: The bill was special ordered on the House floor today. Debate will continue tomorrow, Thursday, April 7.
