MD SB455

Establishes the Transformational Project Financing Program within the Maryland Economic Development Corporation to allow political subdivisions to apply for "State-supported development district" designation for qualifying tax increment financing (TIF) projects before July 1, 2031

Pledges net-new State revenues (income tax, sales tax, and other designated State taxes—excluding property tax) attributable to approved districts to support bond repayment for up to 30 years after project completion

Requires projects to demonstrate they will increase population, employment, or commercial activity; produce net positive fiscal impact to the State after displacement adjustments; and would not be economically viable without State participation

Applies mandatory displacement adjustments to projected State revenues: 60% reduction for retail/restaurants, 25% for office space, 10% for industrial/manufacturing, and 15% for tourism uses—with exemptions for affordable housing components and projects in priority areas (sustainable communities, transit-oriented developments, enterprise zones, etc.)

Creates the Transformational Project Financing Fund as a special nonlapsing fund to receive certified net-new State revenues, with the Comptroller certifying and transferring amounts within 14 days to trustee-held project accounts for debt service, reserve replenishment, and approved costs