Economic Development - Delivering Economic Competitiveness and Advancing Development Efforts (DECADE) Act

HB 498, the DECADE Act, reorganizes Maryland's economic development programs by repealing the Maryland Economic Development Commission and creating a new Strategic Closing Fund within the Department of Commerce. It updates eligibility rules for existing programs like the Build Our Future Grant Pilot and Child Care Capital Support Fund, expands financial assistance for projects in RISE zone areas, and modifies tax credit calculations for businesses (including film production and biotechnology). The bill affects businesses seeking economic development incentives, local governments managing RISE zones, and state agencies administering these programs. Key changes include altering how certain tax credits are calculated, waiving filing fees for businesses in designated zones, and extending or terminating specific tax credit programs. The act streamlines oversight by consolidating programs under the new Strategic Closing Fund structure.