§ 2.5-109
Statutes in effect as of October 1, 2026.
Md. Code Ann., Econ. Dev. § 2.5-109 (2026)
Title 2.5. Department of Commerce
Subtitle 1. Organization and General Authority of the Department
§ 2.5-109LinkCopy Citation
(a)
In this section, “economic development program” means:
(1)
the Strategic Closing Fund established under § 5–108 of this article;
(2)
the Partnership for Workforce Quality Program established under Title 3, Subtitle 4 of this article;
(3)
each of the economic development and financial assistance programs established under Title 5 of this article; and
(4)
each of the tax credit programs administered by the Department, including:
(i)
the Film Production Activity Tax Credit;
(ii)
the Job Creation Tax Credit;
(iii)
the One Maryland Economic Development Tax Credit;
(iv)
the Biotechnology Investment Incentive Tax Credit;
(v)
the Research and Development Tax Credit;
(vi)
the Security Clearance Administrative Expenses and Construction and Equipment Costs Tax Credit;
(vii)
the Innovation Investment Incentive Tax Credit;
(viii)
the More Jobs for Marylanders Tax Credit;
(ix)
the Purchase of Cybersecurity Technology or Service Tax Credit;
(x)
the Opportunity Zone Enhancement Tax Credit;
(xi)
the Small Business Relief Tax Credit;
(xii)
any other tax credit program that is administered by the Department under:
(1)
Title 6 of this article; or
(2)
Title 10, Subtitle 7 of the Tax – General Article; and
(xiii)
the Theatrical Production Tax Credit.
(b)
The Department shall compile data in accordance with this section on the economic development programs administered by the Department.
(c)
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.
(d)
(1)
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:
(i)
the number of jobs created;
(ii)
the number of jobs retained;
(iii)
the minimum, maximum, and average salary of the jobs created or retained;
(iv)
for each of the following categories, the number of jobs created or retained that:
(1)
provide career advancement training;
(2)
provide paid leave;
(3)
offer employer–provided health insurance benefits that do not exceed 8.5% of the employee’s net monthly earnings; and
(4)
offer retirement benefits;
(v)
the estimated amount of State revenue generated;
(vi)
the status of any special fund;
(vii)
for minority business enterprises, as defined in § 14–301 of the State Finance and Procurement Article:
(1)
the number of enterprises that received assistance from each economic development program; and
(2)
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;
(viii)
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:
(1)
the total amount recovered as a result of the reduction, revocation, or recapture, and any penalty assessed; and
(2)
a justification for the reduction, revocation, or recapture; and
(ix)
any additional information required by the Department through regulations.
(2)
The report required under this section shall include data in the aggregate and disaggregated by:
(i)
each economic development program; and
(ii)
each recipient of assistance from an economic development program.
(3)
The report required under this section shall include any additional information required under the law authorizing the economic development program.
(e)
The Department shall establish, maintain, and update annually a publicly available database on the Department’s website that:
(1)
provides information that is downloadable by the public in a common machine–readable format; and
(2)
includes, as applicable:
(i)
the name of each business entity that is a recipient of an economic development program;
(ii)
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;
(iii)
the number of jobs actually created or retained by each recipient;
(iv)
the minimum, maximum, and average salary of the jobs created or retained by each recipient;
(v)
the amount of capital investment made or project costs incurred by each recipient; and
(vi)
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:
(1)
the total amount recovered as a result of the reduction, revocation, or recapture, and any penalty assessed; and
(2)
a justification for the reduction, revocation, or recapture.
(f)
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.
(g)
(1)
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.
(2)
The report required under this subsection shall include analysis of:
(i)
whether the alterations increased or decreased utilization of each program;
(ii)
whether the alterations increased or decreased the effectiveness of each program; and
(iii)
whether the alterations accomplished the Department’s goals for each program.