MD HB898

Redesignates the Economic Development Opportunities Program Account as the Strategic Closing Fund within the Department of Commerce and modifies its purposes for extraordinary economic development opportunities, requiring 30-day Legislative Policy Committee review

Extends termination dates for multiple tax credits: Job Creation Tax Credit to January 1, 2032; Research and Development Tax Credit to December 31, 2030; Employer Security Clearance Costs Tax Credit to January 1, 2033; and removes the sunset on the Build Our Future Grant Pilot Program

Consolidates four small business financing funds (Contract Financing, Guaranty, Equity Participation, and Surety Bond) into a single Maryland Small Business Development Financing Fund, while increasing loan and guaranty limits from $2 million to $3 million and surety bond limits from $2.5 million to $5 million

Transfers administration of the Regional Institution Strategic Enterprise (RISE) Zone Program and Build Our Future Grant Program from the Department of Commerce to the Maryland Economic Development Corporation, with RISE zone designation periods extended from 5-year to 10-year renewals

Increases Biotechnology Investment Tax Credit for companies in RISE zones or specified rural counties from 50% to 75% of investment (up to $750,000 from $500,000), and raises the film production activity tax credit cap for single productions to $30 million for fiscal years 2027-2030