MD SB881

Establishes three Regional Transportation Authorities (Baltimore Region, Capital Region, and Southern Maryland Region) as state instrumentalities to develop and implement regional transportation plans, with each authority governed by a board including county executives, municipal representatives, state legislators, and governor-appointed transportation experts

Imposes a 0.5% transportation authority sales tax surcharge on retail sales and a 1% hotel surcharge within the three regions, with revenue split 70% to regional transportation funds and 30% to local counties and municipalities

Imposes a 0.15% transportation authority transfer tax surcharge on nonresidential property transfers within the regions, similarly distributed 70% to regional funds and 30% to local jurisdictions

Creates three special, nonlapsing transportation funds (Baltimore Region, Capital Region, and Southern Maryland Region Transportation Funds) to finance transportation facilities, with interest earnings credited to each fund

Authorizes each regional authority to issue bonds payable solely from designated revenues to finance transportation projects, with bonds exempt from state and local taxation and limited to 40-year maturity terms