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HB 5

Community Development - Maryland New Markets Development Program - Establishment

2026 Regular Session Introduced by Kris Fair and 1 co-sponsor

HB 5 establishes Maryland's New Markets Development Program to attract investment and business growth in economically distressed communities through incentive mechanisms.

Hearing 2/12 at 1:00 p.m. (Economic Matters) and Hearing canceled (Ways and Means)
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Bill Summary · HB 5

Legislative bill overview

HB 5 establishes Maryland's New Markets Development Program, a state initiative designed to attract investment and spur economic development in underserved communities. The bill creates a framework for incentivizing business growth and capital investment in areas designated as economically distressed or underdeveloped.

Why is this important

New Markets programs can revitalize economically struggling neighborhoods by attracting private investment, creating jobs, and increasing tax revenue. However, the program's success depends heavily on how it's structured—including which communities qualify, what incentives are offered, and whether benefits actually reach intended populations or primarily benefit outside investors.

Potential points of contention

  • Geographic targeting and equity: Questions about whether the program will effectively reach the most disadvantaged communities or tend toward areas already showing development potential
  • Public cost vs. private gain: Debate over whether tax incentives, credits, or public funding represent appropriate public investment relative to private sector profits generated
  • Accountability and measurable outcomes: Concerns about whether the program includes sufficient oversight, reporting requirements, and benchmarks to track job creation, local hiring, and community benefit

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

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