MD SB388

Redesignates the Economic Development Opportunities Program Account as the Strategic Closing Fund within the Department of Commerce, with a 60-day Legislative Policy Committee review period for proposed fund disbursements exceeding criteria for extraordinary economic development opportunities

Consolidates multiple small business financing programs under a unified Maryland Small Business Development Financing Fund, increasing loan and guaranty limits from $2 million to $3 million and expanding eligibility beyond government contracts

Extends termination dates for multiple tax credit programs: 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

Increases the Biotechnology Investment Tax Credit from 50% to 75% (up to $750,000) for companies in designated RISE zones or certain rural counties, and removes the $10 million per-project cap on Film Production Activity Tax Credits

Transfers administration of the Regional Institution Strategic Enterprise Zone (RISE) Program and Build Our Future Grant Program to the Maryland Economic Development Corporation, increases RISE zone renewal terms from 5 to 10 years, and makes the Build Our Future Grant Pilot Program permanent with termination extended to June 30, 2030