<section article="gec" article_name="Economic Development" number="2.5-101" title_number="2.5" title_name="Department of Commerce" subtitle_number="1" subtitle_name="Organization and General Authority of the Department"> <level label="a"> <text>There is a Department of Commerce.</text> </level> <level label="b"> <text>The Department is a principal department of State government.</text> </level> </section> <section article="gec" article_name="Economic Development" number="2.5-102" title_number="2.5" title_name="Department of Commerce" subtitle_number="1" subtitle_name="Organization and General Authority of the Department"> <text>The Secretary:</text> <level label="1"> <text>is the head of the Department; and</text> </level> <level label="2"> <text>is responsible for the operations of the Department.</text> </level> </section> <section article="gec" article_name="Economic Development" number="2.5-104" title_number="2.5" title_name="Department of Commerce" subtitle_number="1" subtitle_name="Organization and General Authority of the Department"> <level label="a"> <text>Except as otherwise provided by law, the Secretary:</text> <level label="1"> <text>shall determine the organizational structure of the Department; and</text> </level> <level label="2"> <text>may create or abolish units in the Department.</text> </level> </level> <level label="b"> <level label="1"> <text>The Governor or the Secretary may establish advisory or decision–making units for the Department.</text> </level> <level label="2"> <text>The units shall advise and assist the Secretary on the policies, programs, and activities of the Department.</text> </level> <level label="3"> <text>The Governor or the Secretary shall determine the size, qualifications, method of appointment, terms, compensation, manner of removal, and method of filling vacancies of the units.</text> </level> </level> <level label="c"> <level label="1"> <text>The Secretary shall establish regional offices in the local jurisdictions.</text> </level> <level label="2"> <text>The regional offices shall:</text> <level label="i"> <text>advise the Secretary on whether the economic needs of each local jurisdiction are being addressed; and</text> </level> <level label="ii"> <text>coordinate with municipal and local economic development agencies.</text> </level> </level> </level> </section> <section article="gec" article_name="Economic Development" number="2.5-105" title_number="2.5" title_name="Department of Commerce" subtitle_number="1" subtitle_name="Organization and General Authority of the Department"> <text>To attract and encourage business development and serve the needs of business, the Department shall:</text> <level label="1"> <text>advance the economic welfare of the public through programs and activities that develop in a proper manner the natural resources and economic opportunities of the State;</text> </level> <level label="2"> <text>promote and encourage the location and creation of new industries and businesses in the State and encourage the retention and expansion of existing industries;</text> </level> <level label="3"> <text>support the creation of new businesses and the growth of existing businesses in the State by improving their quality, productivity, and competitive position in the global marketplace;</text> </level> <level label="4"> <text>assist the growth and revitalization of small businesses;</text> </level> <level label="5"> <text>support the growth of the State and regional economies by providing consulting, technical assistance, and liaison activities on business and economic development issues;</text> </level> <level label="6"> <text>promote the development of international trade activities;</text> </level> <level label="7"> <text>assist businesses and employees through training and other employment services;</text> </level> <level label="8"> <text>promote regulatory reform and coordinate efforts with other State and local units; and</text> </level> <level label="9"> <text>foster and develop employment opportunities for residents of the State.</text> </level> </section> <section article="gec" article_name="Economic Development" number="2.5-106" title_number="2.5" title_name="Department of Commerce" subtitle_number="1" subtitle_name="Organization and General Authority of the Department"> <text>The Department shall:</text> <level label="1"> <text>investigate and assemble information about the economic development, industrial opportunities, and economic resources of the State, including raw materials, power and water resources, transportation facilities, markets, labor, banking and financing facilities, industrial sites, and other fields of research;</text> </level> <level label="2"> <text>encourage location and development of new businesses in the State and the retention and expansion of present enterprises in coordination with local governments and local economic development units;</text> </level> <level label="3"> <text>encourage formation of local and sectional development committees and cooperate with local civic groups and other local, State, and federal development units;</text> </level> <level label="4"> <text>disseminate information in the interest of industrial development in the State, by publication, advertising, and other means;</text> </level> <level label="5"> <text>assist businesses in the areas of technology development and commercialization, small business development, workforce development and productivity, manufacturing modernization, and defense conversion;</text> </level> <level label="6"> <text>serve as an ombudsman for businesses affected by State policies and programs;</text> </level> <level label="7"> <text>coordinate business assistance service delivery to individual companies;</text> </level> <level label="8"> <text>link groups of businesses to address regional and industry specific needs;</text> </level> <level label="9"> <text>broker information exchange and entrepreneurial services that enhance economic development through partnerships with businesses, nonprofit organizations, professional groups, local economic development entities, and local governments;</text> </level> <level label="10"> <text>assist in developing and conducting regional strategic planning and coordinating State investments with regional economic development entities;</text> </level> <level label="11"> <text>collect and assemble information and data available from other State units or instrumentalities;</text> </level> <level label="12"> <text>monitor economic conditions, release reports, and maintain interindustry models of State regulations and local economies;</text> </level> <level label="13"> <text>use community colleges in the State to help deliver services;</text> </level> <level label="14"> <text>administer the programs in the Department;</text> </level> <level label="15"> <text>coordinate its efforts and activities with the Apprenticeship and Training Council and Apprenticeship and Training Program in the Maryland Department of Labor;</text> </level> <level label="16"> <text>establish and monitor performance measures to determine the success of outreach efforts to businesses;</text> </level> <level label="17"> <text>facilitate regular meetings among its regional experts, financial incentive team, and tourism development team to determine the success in meeting overall economic development strategic goals and in addressing the economic development needs of each region;</text> </level> <level label="18"> <text>work with community colleges to enhance the role of community colleges in providing workforce training services, including industry–specific education and training in response to the needs of the State; and</text> </level> <level label="19"> <level label="i"> <text>define, identify, and compile data on State and regional workforce needs; and</text> </level> <level label="ii"> <text>work collaboratively with the Maryland Department of Labor and the Maryland Higher Education Commission to produce uniform and consistent baseline data, including common sources and measurements, about workforce needs to inform State policies relating to postsecondary education.</text> </level> </level> </section> <section article="gec" article_name="Economic Development" number="2.5-107" title_number="2.5" title_name="Department of Commerce" subtitle_number="1" subtitle_name="Organization and General Authority of the Department"> <level label="a"> <text>The Department shall support industry–led regional technology councils that help private enterprises attempting to establish or expand manufacturing and technology–based businesses.</text> </level> <level label="b"> <text>The Department may:</text> <level label="1"> <text>select an entity as the regional technology council for a particular region; and</text> </level> <level label="2"> <text>determine the geographic areas that constitute a region for purposes of this section.</text> </level> </level> <level label="c"> <text>The Department may support a regional technology council through grants, loans, in–kind assistance, advice, or other assistance.</text> </level> </section> <section article="gec" article_name="Economic Development" number="2.5-108" title_number="2.5" title_name="Department of Commerce" subtitle_number="1" subtitle_name="Organization and General Authority of the Department"> <level label="a"> <text>To the extent practicable, the Department shall use pertinent data obtained from units or instrumentalities of the State when collecting and assembling information.</text> </level> <level label="b"> <text>Except to the extent that disclosure is prohibited by law, the Department has access to all records, data, information, and statistics of other units or instrumentalities of the State.</text> </level> </section> <section article="gec" article_name="Economic Development" number="2.5-109" future_version_removed="true" title_number="2.5" title_name="Department of Commerce" subtitle_number="1" subtitle_name="Organization and General Authority of the Department"> <level label="a"> <text>In this section, “economic development program” means:</text> <level label="1"> <text>the Strategic Closing Fund established under § 5–108 of this article;</text> </level> <level label="2"> <text>the Partnership for Workforce Quality Program established under Title 3, Subtitle 4 of this article;</text> </level> <level label="3"> <text>each of the economic development and financial assistance programs established under Title 5 of this article; and</text> </level> <level label="4"> <text>each of the tax credit programs administered by the Department, including:</text> <level label="i"> <text>the Film Production Activity Tax Credit;</text> </level> <level label="ii"> <text>the Job Creation Tax Credit;</text> </level> <level label="iii"> <text>the One Maryland Economic Development Tax Credit;</text> </level> <level label="iv"> <text>the Biotechnology Investment Incentive Tax Credit;</text> </level> <level label="v"> <text>the Research and Development Tax Credit;</text> </level> <level label="vi"> <text>the Security Clearance Administrative Expenses and Construction and Equipment Costs Tax Credit;</text> </level> <level label="vii"> <text>the Innovation Investment Incentive Tax Credit;</text> </level> <level label="viii"> <text>the More Jobs for Marylanders Tax Credit;</text> </level> <level label="ix"> <text>the Purchase of Cybersecurity Technology or Service Tax Credit;</text> </level> <level label="x"> <text>the Opportunity Zone Enhancement Tax Credit;</text> </level> <level label="xi"> <text>the Small Business Relief Tax Credit;</text> </level> <level label="xii"> <text>any other tax credit program that is administered by the Department under:</text> <level label="1"> <text>Title 6 of this article; or</text> </level> <level label="2"> <text>Title 10, Subtitle 7 of the Tax – General Article; and</text> </level> </level> <level label="xiii"> <text>the Theatrical Production Tax Credit.</text> </level> </level> </level> <level label="b"> <text>The Department shall compile data in accordance with this section on the economic development programs administered by the Department.</text> </level> <level label="c"> <text>On or before December 31, 2013, and each year thereafter, the Department shall submit a report on the economic development programs that were administered by the Department during the previous fiscal year to the Governor and, in accordance with § 2–1257 of the State Government Article, the General Assembly.</text> </level> <level label="d"> <level label="1"> <text>The report required under subsection (c) of this section shall include the following data, if applicable, on the economic development programs administered by the Department:</text> <level label="i"> <text>the number of jobs created;</text> </level> <level label="ii"> <text>the number of jobs retained;</text> </level> <level label="iii"> <text>the minimum, maximum, and average salary of the jobs created or retained;</text> </level> <level label="iv"> <text>for each of the following categories, the number of jobs created or retained that:</text> <level label="1"> <text>provide career advancement training;</text> </level> <level label="2"> <text>provide paid leave;</text> </level> <level label="3"> <text>offer employer–provided health insurance benefits that do not exceed 8.5% of the employee’s net monthly earnings; and</text> </level> <level label="4"> <text>offer retirement benefits;</text> </level> </level> <level label="v"> <text>the estimated amount of State revenue generated;</text> </level> <level label="vi"> <text>the status of any special fund;</text> </level> <level label="vii"> <text>for minority business enterprises, as defined in § 14–301 of the State Finance and Procurement Article:</text> <level label="1"> <text>the number of enterprises that received assistance from each economic development program; and</text> </level> <level label="2"> <text>the percentage of assistance distributed to each minority business enterprise from each economic development program compared to the total assistance distributed from each economic development program;</text> </level> </level> <level label="viii"> <text>a statement indicating whether, during the current reporting year, the Department reduced, revoked, or recaptured a tax credit or any amount of financial assistance from a recipient and, if applicable:</text> <level label="1"> <text>the total amount recovered as a result of the reduction, revocation, or recapture, and any penalty assessed; and</text> </level> <level label="2"> <text>a justification for the reduction, revocation, or recapture; and</text> </level> </level> <level label="ix"> <text>any additional information required by the Department through regulations.</text> </level> </level> <level label="2"> <text>The report required under this section shall include data in the aggregate and disaggregated by:</text> <level label="i"> <text>each economic development program; and</text> </level> <level label="ii"> <text>each recipient of assistance from an economic development program.</text> </level> </level> <level label="3"> <text>The report required under this section shall include any additional information required under the law authorizing the economic development program.</text> </level> </level> <level label="e"> <text>The Department shall establish, maintain, and update annually a publicly available database on the Department’s website that:</text> <level label="1"> <text>provides information that is downloadable by the public in a common machine–readable format; and</text> </level> <level label="2"> <text>includes, as applicable:</text> <level label="i"> <text>the name of each business entity that is a recipient of an economic development program;</text> </level> <level label="ii"> <text>the total amount of tax credits certified, financial assistance paid, and loans forgiven or uncollectible by the Department for each recipient of the tax credit or financial assistance;</text> </level> <level label="iii"> <text>the number of jobs actually created or retained by each recipient;</text> </level> <level label="iv"> <text>the minimum, maximum, and average salary of the jobs created or retained by each recipient;</text> </level> <level label="v"> <text>the amount of capital investment made or project costs incurred by each recipient; and</text> </level> <level label="vi"> <text>a statement indicating whether, during the current reporting year, the Department reduced, revoked, or recaptured a tax credit or any amount of financial assistance from a recipient and, if applicable:</text> <level label="1"> <text>the total amount recovered as a result of the reduction, revocation, or recapture, and any penalty assessed; and</text> </level> <level label="2"> <text>a justification for the reduction, revocation, or recapture.</text> </level> </level> </level> </level> <level label="f"> <text>If a recipient of assistance from an economic development program is not meeting the requirements of the economic development program, the Department shall implement a process to assist the recipient in meeting the program requirements.</text> </level> <level label="g"> <level label="1"> <text>On or before December 1, 2029, the Department shall submit a report on the economic development programs administered by the Department that were altered by Chapters 351 and 352 of the Acts of the General Assembly of 2026 to the Governor and, in accordance with § 2–1257 of the State Government Article, the General Assembly.</text> </level> <level label="2"> <text>The report required under this subsection shall include analysis of:</text> <level label="i"> <text>whether the alterations increased or decreased utilization of each program;</text> </level> <level label="ii"> <text>whether the alterations increased or decreased the effectiveness of each program; and</text> </level> <level label="iii"> <text>whether the alterations accomplished the Department’s goals for each program.</text> </level> </level> </level> </section> <section article="gec" article_name="Economic Development" number="2.5-110" future_version_removed="true" effective_note="EFFECTIVE UNTIL JUNE 30, 2027 PER CHAPTERS 314 AND 315 OF 2025" title_number="2.5" title_name="Department of Commerce" subtitle_number="1" subtitle_name="Organization and General Authority of the Department"> <level label="a"> <text>There is a nonprofit organizations navigator in the Department.</text> </level> <level label="b"> <text>The Secretary shall designate the navigator.</text> </level> <level label="c"> <text>The navigator shall:</text> <level label="1"> <text>provide technical assistance to nonprofit organizations in obtaining access to and applying for State grant programs;</text> </level> <level label="2"> <text>work with nonprofit organizations and units of State government to resolve procedural complexities and delays in State grant–making processes;</text> </level> <level label="3"> <text>collect and share information on opportunities for federal, State, and local grants with nonprofit organizations; and</text> </level> <level label="4"> <text>represent nonprofit organizations’ interests and concerns as a member of the Maryland Efficient Grant Application Council established under § 2–209 of the State Finance and Procurement Article.</text> </level> </level> </section> <section article="gec" article_name="Economic Development" number="2.5-111" effective_note="EFFECTIVE UNTIL SEPTEMBER 30, 2031 PER CHAPTER 423 OF 2026" title_number="2.5" title_name="Department of Commerce" subtitle_number="1" subtitle_name="Organization and General Authority of the Department"> <level label="a"> <level label="1"> <text>In this section the following words have the meanings indicated.</text> </level> <level label="2"> <text>“Local source” means a business entity that:</text> <level label="i"> <text>is headquartered in the State; or</text> </level> <level label="ii"> <text>has a principal place of business located in the State.</text> </level> </level> <level label="3"> <text>“Portal” means the Maryland Local Sourcing Portal.</text> </level> <level label="4"> <text>“Tariff–impacted goods” means commodities, supplies, or raw materials identified by the Secretary as subject to federal import duties or trade volatility.</text> </level> </level> <level label="b"> <level label="1"> <text>The Department shall develop and maintain a searchable online database, to be known as the Maryland Local Sourcing Portal, to connect businesses in the State with local sources for tariff–impacted goods and other supplies.</text> </level> <level label="2"> <text>The Portal shall be searchable by North American Industry Classification System codes.</text> </level> <level label="3"> <text>The Portal shall comply with:</text> <level label="i"> <text>State and federal accessibility standards for digital content; and</text> </level> <level label="ii"> <text>the data minimization and security standards of the Maryland Online Data Privacy Act.</text> </level> </level> </level> <level label="c"> <level label="1"> <text>Participation in the Portal by a local source shall be voluntary.</text> </level> <level label="2"> <text>The Portal shall enable a local source to list:</text> <level label="i"> <text>the categories of supplies or inventory held in the State; and</text> </level> <level label="ii"> <text>a status indicator signifying that inventory is currently available for purchase.</text> </level> </level> <level label="3"> <text>The Portal is not required to display specific quantities or proprietary stock levels.</text> </level> </level> <level label="d"> <text>The Department may coordinate with the State Department of Assessments and Taxation, the Office of the Comptroller, and the Department of Information Technology to:</text> <level label="1"> <text>identify potential local sources for inclusion in the Portal; and</text> </level> <level label="2"> <text>leverage existing digital infrastructure to minimize the cost of developing and maintaining the Portal.</text> </level> </level> <level label="e"> <text>The State, the Department, and their employees shall be held harmless for any claims, damages, or losses arising from:</text> <level label="1"> <text>the accuracy or timeliness of data submitted by a voluntary participant; or</text> </level> <level label="2"> <text>any transaction or agreement entered into between private parties using the Portal.</text> </level> </level> <level label="f"> <text>On or before December 31 each year, the Department shall report to the General Assembly, in accordance with § 2–1257 of the State Government Article, on the use and effectiveness of the Portal.</text> </level> </section> <section article="gec" article_name="Economic Development" number="2.5-201" title_number="2.5" title_name="Department of Commerce" subtitle_number="2"> <text>In this subtitle, “Commission” means the Maryland Economic Development Commission.</text> </section> <section article="gec" article_name="Economic Development" number="2.5-202" title_number="2.5" title_name="Department of Commerce" subtitle_number="2"> <level label="a"> <text>There is a Maryland Economic Development Commission staffed by the Department.</text> </level> <level label="b"> <text>The purpose of the Commission is to:</text> <level label="1"> <text>establish economic development policy in the State;</text> </level> <level label="2"> <text>advise the Secretary on economic development policy in the State;</text> </level> <level label="3"> <text>oversee the operations of the Department and its units, including the Department’s efforts to support the creation of, attract, and retain businesses and jobs; and</text> </level> <level label="4"> <text>monitor the operations of the Maryland Technology Development Corporation, the Maryland Economic Development Corporation, and the Maryland Public–Private Partnership Marketing Corporation, including the efforts of those entities to support the creation, attraction, and retention of businesses and jobs.</text> </level> </level> </section> <section article="gec" article_name="Economic Development" number="2.5-203" title_number="2.5" title_name="Department of Commerce" subtitle_number="2"> <level label="a"> <level label="1"> <level label="i"> <text>The Commission consists of:</text> <level label="1"> <text>not more than 21 voting members appointed by the Governor with the advice and consent of the Senate;</text> </level> <level label="2"> <text>two voting members appointed by the President of the Senate of Maryland;</text> </level> <level label="3"> <text>two voting members appointed by the Speaker of the House of Delegates;</text> </level> <level label="4"> <level label="A"> <text>one member of the Senate of Maryland, designated by the President of the Senate; and</text> </level> </level> <level label="B"> <text>one member of the House of Delegates, designated by the Speaker of the House; and</text> </level> <level label="5"> <text>the following representatives of State units and instrumentalities of the State:</text> </level> <level label="A"> <text>the Executive Director of the Maryland Economic Development Corporation, or the Executive Director’s designee;</text> </level> <level label="B"> <text>the Chief Executive Officer of the Maryland Technology Development Corporation, or the Chief Executive Officer’s designee;</text> </level> <level label="C"> <text>the Secretary or the Secretary’s designee; and</text> </level> <level label="D"> <text>the Secretary of Labor, or the Secretary’s designee.</text> </level> </level> <level label="ii"> <text>The Secretary and the Secretary of Labor or their designees, State unit or instrumentality representatives, and members of the General Assembly are nonvoting ex officio members of the Commission.</text> </level> <level label="iii"> <text>A designee under subparagraph (i)5 of this paragraph may be an administrator or a senior official of the unit or instrumentality.</text> </level> </level> <level label="2"> <text>The geographic representation of the Commission shall cover the entire State and shall include at least one representative from:</text> <level label="i"> <text>the upper Eastern Shore;</text> </level> <level label="ii"> <text>the lower Eastern Shore;</text> </level> <level label="iii"> <text>Calvert County, Charles County, or St. Mary’s County;</text> </level> <level label="iv"> <text>Allegany County or Garrett County; and</text> </level> <level label="v"> <text>Carroll County, Frederick County, or Washington County.</text> </level> </level> <level label="3"> <text>The industries represented by members of the Commission shall:</text> <level label="i"> <text>be diverse; and</text> </level> <level label="ii"> <text>include at least one representative from:</text> <level label="1"> <text>the life sciences industry; and</text> </level> <level label="2"> <text>the manufacturing industry.</text> </level> </level> </level> <level label="4"> <text>The members appointed shall reflect the racial and gender diversity of the population of the State.</text> </level> </level> <level label="b"> <text>The appointed members of the Commission shall have substantial interest or experience in business or knowledge of business and economic development.</text> </level> <level label="c"> <text>The Commission and its members are subject to the Maryland Public Ethics Law.</text> </level> <level label="d"> <level label="1"> <text>The term of an appointed member is 3 years.</text> </level> <level label="2"> <text>At the end of a term, an appointed member continues to serve until a successor is appointed and qualifies.</text> </level> <level label="3"> <text>A member appointed after a term has begun serves only for the remainder of the term and until a successor is appointed and qualifies.</text> </level> <level label="4"> <text>The terms of the appointed members are staggered as required by the terms provided for members of the Commission on October 1, 2008.</text> </level> <level label="5"> <text>A member may be removed by the Governor with or without cause.</text> </level> </level> </section> <section article="gec" article_name="Economic Development" number="2.5-204" title_number="2.5" title_name="Department of Commerce" subtitle_number="2"> <level label="a"> <text>The Governor shall designate a chair or cochairs from the voting members of the Commission.</text> </level> <level label="b"> <text>The Commission may elect an executive committee or form special subcommittees from its members to exercise the powers and functions of the Commission between meetings of the Commission.</text> </level> </section> <section article="gec" article_name="Economic Development" number="2.5-205" title_number="2.5" title_name="Department of Commerce" subtitle_number="2"> <level label="a"> <level label="1"> <text>The Commission shall meet as often as its duties require, but not less than quarterly.</text> </level> <level label="2"> <text>The chair or cochairs shall designate a time and place for meetings of the Commission.</text> </level> </level> <level label="b"> <text>A majority of the voting members of the Commission is a quorum.</text> </level> <level label="c"> <text>A voting member of the Commission:</text> <level label="1"> <text>may not receive compensation as a member of the Commission; but</text> </level> <level label="2"> <text>is entitled to reimbursement in accordance with the Standard State Travel Regulations as provided in the State budget.</text> </level> </level> <level label="d"> <text>The Department shall provide staff support to the Commission.</text> </level> </section> <section article="gec" article_name="Economic Development" number="2.5-206" title_number="2.5" title_name="Department of Commerce" subtitle_number="2"> <level label="a"> <text>The Commission may:</text> <level label="1"> <text>adopt bylaws for the conduct of its business;</text> </level> <level label="2"> <text>hire consultants; and</text> </level> <level label="3"> <text>do anything necessary or convenient to carry out its powers and the purposes of this subtitle.</text> </level> </level> <level label="b"> <text>The Commission shall:</text> <level label="1"> <text>develop and update an economic development strategic plan for the State;</text> </level> <level label="2"> <text>seek ideas and advice from each region of the State to develop the economic development strategic plan;</text> </level> <level label="3"> <text>recommend to the Governor and the Secretary the program and spending priorities needed to implement the economic development strategic plan;</text> </level> <level label="4"> <text>review the allocation of financing incentives;</text> </level> <level label="5"> <text>participate in encouraging new businesses to locate in the State;</text> </level> <level label="6"> <text>conduct periodic reviews of the economic development activities of the Department, the Maryland Economic Development Corporation, the Maryland Technology Development Corporation, and the Maryland Public–Private Partnership Marketing Corporation for compliance with the economic development strategic plan;</text> </level> <level label="7"> <text>make recommendations to the Governor and the Secretary to improve economic development activities that fail to achieve economic development strategic goals or are inconsistent with priorities under the economic development strategic plan; and</text> </level> <level label="8"> <text>carry out other economic development activities that the Governor or the Secretary requests.</text> </level> </level> </section> <section article="gec" article_name="Economic Development" number="2.5-207" title_number="2.5" title_name="Department of Commerce" subtitle_number="2"> <level label="a"> <text>On or before January 15 of each year, the Commission shall report to the General Assembly, in accordance with § 2–1257 of the State Government Article, on its activities during the previous year.</text> </level> <level label="b"> <text>The report shall include a review of initiatives taken by the Commission and the Department to implement the economic development strategic plan.</text> </level> </section> <section article="gec" article_name="Economic Development" number="2.5-301" effective_note="EFFECTIVE UNTIL JUNE 30, 2031 PER CHAPTERS 377 AND 378 OF 2026" title_number="2.5" title_name="Department of Commerce" subtitle_number="3"> <level label="a"> <text>In this subtitle the following words have the meanings indicated.</text> </level> <level label="b"> <text>“Board” means the Maryland’s Future Board.</text> </level> <level label="c"> <text>“Fund” means the Maryland’s Future Fund.</text> </level> <level label="d"> <text>“Project” includes:</text> <level label="1"> <text>an allocation of funds in the operating budget of the State;</text> </level> <level label="2"> <text>an allocation of funds in the capital budget of the State; and</text> </level> <level label="3"> <text>the implementation of any policy that will advance the State’s socioeconomic wellbeing and resiliency.</text> </level> </level> <level label="e"> <text>“Visionary plan” means a plan that envisions a State that is equitable, prosperous, livable, and provides opportunities for all residents to thrive, including:</text> <level label="1"> <text>a forward–thinking strategy that would incorporate core values and principles as envisioned by the Board;</text> </level> <level label="2"> <text>a strategy that covers broadly issues that the State faces;</text> </level> <level label="3"> <text>a strategy that is not constrained by existing technology, infrastructure, or fiscal conditions of the State; and</text> </level> <level label="4"> <text>strategies that imagine future trends in the following areas:</text> <level label="i"> <text>robotics and automation;</text> </level> <level label="ii"> <text>artificial intelligence;</text> </level> <level label="iii"> <text>advanced manufacturing;</text> </level> <level label="iv"> <text>data aggregations; and</text> </level> <level label="v"> <text>other industry disruptive technologies.</text> </level> </level> </level> </section> <section article="gec" article_name="Economic Development" number="2.5-302" effective_note="EFFECTIVE UNTIL JUNE 30, 2031 PER CHAPTERS 377 AND 378 OF 2026" title_number="2.5" title_name="Department of Commerce" subtitle_number="3"> <level label="a"> <text>There is a Maryland’s Future Board in the Department.</text> </level> <level label="b"> <level label="1"> <text>The Board consists of the following members:</text> <level label="i"> <text>three members appointed by the Governor;</text> </level> <level label="ii"> <text>the Comptroller, or the Comptroller’s designee;</text> </level> <level label="iii"> <text>two members appointed by the President of the Senate; and</text> </level> <level label="iv"> <text>two members appointed by the Speaker of the House.</text> </level> </level> <level label="2"> <text>The Board shall consist of individuals who, collectively, are visionary thinkers for an economic future of the State that attracts individuals who want to live, work, and learn in the State, including:</text> <level label="i"> <text>entrepreneurs;</text> </level> <level label="ii"> <text>members of academia;</text> </level> <level label="iii"> <text>ethicists;</text> </level> <level label="iv"> <text>artists;</text> </level> <level label="v"> <text>philanthropists; and</text> </level> <level label="vi"> <text>leaders in:</text> <level label="1"> <text>labor organizations;</text> </level> <level label="2"> <text>business;</text> </level> <level label="3"> <text>higher education; and</text> </level> <level label="4"> <text>nonprofit organizations.</text> </level> </level> </level> <level label="3"> <level label="i"> <text>When appointing members consideration shall be given to geographic representation.</text> </level> <level label="ii"> <text>The members appointed to the Board shall reflect the demographics of the State.</text> </level> </level> </level> <level label="c"> <level label="1"> <text>The term of a member appointed to the Board is 4 years and begins on July 1.</text> </level> <level label="2"> <level label="i"> <text>A vacancy shall be filled immediately for the remainder of the unexpired portion of a term.</text> </level> <level label="ii"> <text>At the end of a term, a member continues to serve until a successor has been appointed.</text> </level> </level> <level label="3"> <text>A member appointed by the Governor, the President of the Senate, or the Speaker of the House serves at the pleasure of the appointing officer.</text> </level> </level> <level label="d"> <level label="1"> <text>A member of the Board:</text> <level label="i"> <text>may not receive compensation as a member of the Board; but</text> </level> <level label="ii"> <text>is entitled to reimbursement for expenses under the Standard State Travel Regulations, as provided in the State budget.</text> </level> </level> <level label="2"> <level label="i"> <text>The Board is subject to the Public Information Act and the Open Meetings Act.</text> </level> <level label="ii"> <text>The Board members are subject to the Maryland Public Ethics Law.</text> </level> </level> </level> <level label="e"> <text>The Board shall meet at least four times per year.</text> </level> <level label="f"> <text>The Board shall carry out the purpose of this subtitle by:</text> <level label="1"> <text>developing and revising a visionary plan under § 2.5–303 of this subtitle;</text> </level> <level label="2"> <text>in alignment with the visionary plan, recommending projects that move the State forward and contribute to ensuring the economic strength of the State into the future; and</text> </level> <level label="3"> <text>consulting with entities and State agencies, as needed.</text> </level> </level> </section> <section article="gec" article_name="Economic Development" number="2.5-303" effective_note="EFFECTIVE UNTIL JUNE 30, 2031 PER CHAPTERS 377 AND 378 OF 2026" title_number="2.5" title_name="Department of Commerce" subtitle_number="3"> <level label="a"> <text>On or before January 1, 2027, the Board shall develop a visionary plan for the future of the State that carries out the purpose of this subtitle.</text> </level> <level label="b"> <text>The Board shall evaluate the visionary plan at least annually and revise the plan accordingly.</text> </level> <level label="c"> <text>The Board shall submit the visionary plan to the Governor and the General Assembly, in accordance with § 2–1257 of the State Government Article, within 30 days after the completion of the visionary plan or a revision to the visionary plan.</text> </level> <level label="d"> <text>On or before August 1, 2027, and each August 1 thereafter, the Board shall submit recommendations for projects to the Governor and, in accordance with § 2–1257 of the State Government Article, the General Assembly.</text> </level> </section> <section article="gec" article_name="Economic Development" number="2.5-304" effective_note="EFFECTIVE UNTIL JUNE 30, 2031 PER CHAPTERS 377 AND 378 OF 2026" title_number="2.5" title_name="Department of Commerce" subtitle_number="3"> <level label="a"> <text>There is a Maryland’s Future Fund.</text> </level> <level label="b"> <text>The purpose of the Fund is to fund the projects recommended by the Board made under § 2.5–303 of this subtitle.</text> </level> <level label="c"> <text>The Department shall administer the Fund.</text> </level> <level label="d"> <level label="1"> <text>The Fund is a special, nonlapsing fund that is not subject to § 7–302 of the State Finance and Procurement Article.</text> </level> <level label="2"> <text>The State Treasurer shall hold the Fund separately, and the Comptroller shall account for the Fund.</text> </level> </level> <level label="e"> <text>The Fund consists of:</text> <level label="1"> <text>money appropriated in the State budget to the Fund;</text> </level> <level label="2"> <text>interest earnings; and</text> </level> <level label="3"> <text>any other money from any other source accepted for the benefit of the Fund.</text> </level> </level> <level label="f"> <text>The Fund may be used only for projects recommended by the Board under § 2.5–303 of this subtitle.</text> </level> <level label="g"> <level label="1"> <text>The State Treasurer shall invest the money of the Fund in the same manner as other State money may be invested.</text> </level> <level label="2"> <text>Any interest earnings of the Fund shall be credited to the Fund.</text> </level> </level> <level label="h"> <text>Expenditures from the Fund may be made only in accordance with the State budget.</text> </level> <level label="i"> <text>Money expended from the Fund is supplemental to and is not intended to take the place of funding that otherwise would be appropriated for the same purpose.</text> </level> </section> <section article="gec" article_name="Economic Development" number="2.5-305" effective_note="EFFECTIVE UNTIL JUNE 30, 2031 PER CHAPTERS 377 AND 378 OF 2026" title_number="2.5" title_name="Department of Commerce" subtitle_number="3"> <text>The Department may adopt regulations necessary to carry out this subtitle.</text> </section>