Legislation that would encourage growth in industries ranging from engineering and robotics to biotechnology and agriculture has passed the House and looks to be on course to advance from the Senate Budget and Taxation Committee.
HB 471 – Economic Development – Regional Institution Strategic Enterprise Zone Program – Alterations and Financing alters the period of time that the Department of Commerce may designate an area as a Regional Institution Strategic Enterprise (RISE) Zone. The designation of an area as a RISE Zone enables counties to draw on institutional assets and financial incentives to further develop and revitalize the communities in which they are located.
From the MACo Testimony:
Counties support HB 471 as it adds flexibility within the RISE zone program. By extending a zone’s lifespan from five to 10 years, removing the limit of three zones per county, and enabling the use of MEDCO obligations for financing, these measures serve to super-change economic development within RISE zone communities and further efforts to advance local innovation at Maryland’s world-class universities and research institutions.
For more on MACo’s advocacy efforts during the 2023 legislative session, visit MACo’s Legislative Tracking Database.