Maryland Senate Bill SB846

Maryland 2022 Regular Session

• Introduced: 2/7/22
• Refer: 2/7/22

Caption

Economic Development - Maryland Technology Infrastructure Pilot Program - Establishment

Impact

The bill commits funding through a special, nonlapsing Maryland Technology Infrastructure Fund that will provide financial assistance for projects that align with the program’s goals. Funded entities can include both public and private organizations, notably those within higher education. The legislation outlines criteria for funding distribution, prioritizing projects that offer significant local economic impact, job creation, and capital investment. It mandates the authority to oversee the management of the fund and establish application processes for potential projects.

Summary

Senate Bill 846 establishes the Maryland Technology Infrastructure Pilot Program aimed at stimulating economic development in Western Maryland. This program will be administered by the Maryland Technology Development Corporation and has a defined purpose of incentivizing the development of advanced industry infrastructure and resources. Additionally, it aims to support the growth of early-stage innovation-based businesses by fostering public-private collaborations and creating supportive infrastructure that leverages existing regional strengths.

Contention

While the bill is focused on enhancing economic opportunities in Western Maryland, it carries implications about the broader state funding priorities. Some stakeholders may raise concerns regarding the budget allocation towards this pilot program amid other pressing state needs. Additionally, discussions in legislative settings around how effectively this program could be implemented and whether it will lead to substantive economic benefits for less developed regions in the state will likely persist.