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SB 372

Community Development - Maryland New Markets Development Program - Establishment

2026 Regular Session Introduced by Cory McCray

Maryland establishes a New Markets Development Program providing tax incentives and targeted funding to stimulate private investment and economic growth in disadvantaged communities.

Hearing 2/11 at 2:00 p.m.
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Bill Summary · SB 372

Legislative bill overview

SB 372 establishes Maryland's New Markets Development Program, a state-level initiative designed to stimulate economic development and investment in distressed communities through tax incentives and targeted funding mechanisms. The bill creates a framework for identifying eligible "new markets" areas and distributing development resources to support business growth, job creation, and community revitalization in economically disadvantaged regions.

Why is this important

New Markets Development Programs can redirect private investment toward underserved communities that typically struggle to attract capital, potentially creating jobs and increasing tax revenue in depressed areas. However, the program's success depends heavily on program design, funding levels, and whether incentives actually generate sustainable economic activity versus simply relocating existing businesses.

Potential points of contention

  • Cost to state budget: The bill's tax incentive mechanisms will reduce state revenue; critics may question whether the economic returns justify the fiscal impact, particularly if similar development would occur without incentives
  • Geographic targeting and fairness: Disputes may arise over which communities qualify as "new markets" and whether the selection criteria adequately represent all disadvantaged regions or favor politically connected areas
  • Private sector accountability: Questions about whether participating businesses will actually create promised jobs and remain in communities long-term, or if they'll relocate once incentive periods expire

Compiled from official sources — confirm details with the bill’s official record.

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