Technology

SB 25 creates the "Buy Maryland Cybersecurity Tax Credit," allowing Maryland businesses to claim a 50% tax credit (up to $50,000 annually) for purchasing cybersecurity technology or services from Maryland-based cybersecurity companies meeting specific criteria. The credit is refundable (businesses can get cash if the credit exceeds taxes owed) and requires sellers to be Maryland-headquartered, small businesses (under $10 million revenue), and/or owned by minorities, women, veterans, or located in designated business zones. It limits total credits per seller to $1 million annually and ends all new credits after 2030. This directly affects Maryland businesses buying cybersecurity and qualifying Maryland cybersecurity firms.

SB 154 adds Article 12 to Maryland's Uniform Commercial Code to establish rules for property rights in certain digital assets, including controllable electronic records, accounts, and payment intangibles. It directly affects businesses and financial institutions handling digital transactions by defining how control and ownership transfer for these assets. The bill creates a new standard for "control" (requiring exclusive power to access benefits and transfer the asset) and ensures qualifying purchasers acquire rights free of competing claims. This changes how digital property rights are managed under Maryland law, replacing ambiguous state rules with a clear, standardized framework.