Budget & Taxes (Revenue · Economic Development)

HB 1452 establishes the Suitland Development Authority in Prince George’s County to revitalize the Suitland Road and Silver Hill Road intersection area, which has faced decades of underdevelopment and blight. The Authority will create neighborhood revitalization plans with resident input, modify project boundaries (subject to a vote), manage finances, and operate tax-exempt under certain conditions. It directly affects residents and businesses in this specific neighborhood by aiming to boost economic activity, reduce unemployment, retain existing businesses, and increase property tax revenue for the county and state. The bill creates a new government entity focused on targeted neighborhood redevelopment, not broader policy changes.

HB 506 establishes the Transformational Project Financing Program under Maryland's Economic Development Corporation. It allows local governments (political subdivisions) to apply for designation of specific areas as "State-supported development districts" to fund major development projects. The key mechanism redirects property tax revenue from increased property values ("tax increment") within these districts into a dedicated fund, rather than the general municipal budget, for approved projects. Priority areas include sustainable communities, transit-oriented developments, and designated enterprise zones. This program modifies existing law to create a structured process for economic development financing through tax increment funding.

SB 455 establishes the Transformational Project Financing Program to help local governments fund large-scale development projects in designated areas. It allows counties or cities to apply to the Maryland Economic Development Corporation for "State-supported development district" status, requiring them to redirect property tax increases (tax increment) from these areas into a special fund instead of the general budget. This fund finances projects in priority areas like sustainable communities, transit-oriented developments, and designated enterprise zones. The bill creates new rules for calculating state revenue contributions and managing bond proceeds specifically for these designated districts.