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<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>
