MD HB898

Redesignates the Economic Development Opportunities Program Account as the Strategic Closing Fund within the Department of Commerce, streamlines approval processes by reducing Legislative Policy Committee review time from 60 to 21 days, and removes the requirement that funded projects invest capital at 5x the incentive value

Extends termination dates for multiple tax credit programs: Job Creation Tax Credit extended from January 1, 2027 to January 1, 2032; Research and Development Tax Credit extended to December 31, 2030; Employer Security Clearance Costs Tax Credit extended from January 1, 2028 to January 1, 2033

Consolidates Maryland Small Business Development Financing Authority programs into a single Fund, increases loan and guaranty limits from $2 million to $3 million for contract financing and guaranty programs, and increases surety bond limits from $2.5 million to $5 million while removing requirements that funded projects be primarily government-funded

Enhances Regional Institution Strategic Enterprise (RISE) Zone Program by transferring administration to the Maryland Economic Development Corporation, extending zone renewal periods from 5 to 10 years, allowing one extraordinary RISE zone per jurisdiction for quantum computing, and increasing rental assistance duration from 3 to 5 years

Increases Biotechnology Investment Incentive Tax Credit for companies in RISE zones from 50% to 75% of investment (capped at $750,000), allows pass-through entities to allocate credits among members in any manner, and removes the $10 million aggregate cap on film production tax credits for single productions