Tax Credits Help Advance Maryland's Innovation Agenda
Maryland often has been at the forefront of innovation with a longstanding reputation for investing in science and technology to capture new opportunities for economic growth. This year's legislative session was no different. Lawmakers backed Gov. Martin O'Malley's proposals to support the state's bioscience sector, expand the R&D tax credit, enhance workforce training, and promote measures to establish the state as a leader in cybersecurity.
Maryland Budget Proposal Increases Support for State's Bio 2020 Initiative
In support of the state's goal to attract and grow biotechnology companies, Gov.
Manufacturing Resurgence Attracts Attention of State Legislatures
The recent uptick in U.S. manufacturing activity, along with the attention generated by additive manufacturing and the Makers movement, has led to an increase in state initiatives to help cash in on this growth. In recent months, New York, Connecticut, Maryland, and Arizona have all taken steps to build stronger manufacturing sectors through research collaborations, grants and tax credits. Leaders in Colorado and New Jersey have pursued their own cluster-specific efforts to build stronger high-tech industries.
Lab Space, Commercialization Support Backed by State Governments
State legislators in many parts of the country took action this year to fund the construction of research infrastructure and provide financial support for commercialization. In Kansas, New York, Georgia, Maine and Wyoming, legislators funded the construction of laboratories and other innovative spaces at public universities to boost the high-tech economy. In Colorado, Maryland and a number of universities, new initiatives were rolled out to support public-private research collaborations and the commercialization of cutting-edge technology.
Lawmakers Tackle Workforce, STEM and Higher Ed Policy
Addressing accessibility, affordability and ensuring workforce preparedness topped legislators’ agendas in many states during the 2014 sessions. States and regions are increasingly competing for talent as the trend toward growing and nurturing innovation ecosystems continues.
States Shift Priorities Toward Long-Term Research Capacity Building
With an eye toward long-term payoffs associated with investments in research, lawmakers dedicated funds and strengthened ties with industry partners. Some states made significant investments in facilities and R&D to grow cancer research capabilities, while others looked to universities to establish new avenues for discovery or attract star researchers. In Washington, the life sciences community banded together to save a nine year-old grant fund that invests in R&D and helps the state remain competitive.
Higher Ed a Priority in MD, MN, FL Budgets
Governors in Maryland, Minnesota, and Florida proposed substantial funds to higher education in their budgets this week, with an emphasis on affordable education and expanded research capacity.
MD Approves Budget, University Unification Plan to Boost Baltimore Innovation Economy
Maryland legislators recently approved a $42.3 billion fiscal year 2017 spending bill that incorporates many of the funding levels included in Gov. Larry Hogan’s proposal. Gov. Hogan made education a main focus of his proposal, and the final bill would hold university tuition increases to no more than 2 percent. In addition, legislators formalized the growing strategic partnership between University of Maryland campuses in Baltimore and College Park.
MD, SC Boost Defense Industry Support in Budgets; TBED Proposals Released in AZ, MO
Many governors around the country have begun laying out priorities for the next legislative session. In the coming weeks, SSTI will review gubernatorial addresses and budget proposals related to economic development. This week, we highlight developments in Arizona, Maryland, Missouri and South Carolina.
Budget RoundUp: States Seek Modest investments for S&T
Governors in several states recently unveiled spending proposals for the upcoming fiscal year or biennium. While fiscal conditions in most states remain fragile, new or continuing investments focused on science, technology and innovation were introduced as pro-growth measures to aid in states' recovery efforts. With the exception of New York Gov. Andrew Cuomo's ambitious economic development plan (see the Jan. 9 issue of the Digest), most of the proposals were on the modest side.
MD Innovation, Entrepreneurship Programs Survive Contentious Budget Negotiations
Following a lively debate over education funding, state worker pay and pensions, Maryland legislators approved a $40 billion budget. Under the approved legislation, $68 million would be available to support the state's most expensive school districts. Gov.
MD Gov Proposes $100M Venture Fund; Recommends 19% Increase for Stem Cell Research
Gov. Martin O'Malley last week unveiled details of his proposed $100 million venture fund announced last year during his re-election campaign as an initiative to grow the state's knowledge-based industries, particularly within the life sciences sector (see the June 9, 2010 issue of the Digest).
Maryland invests in education, workforce
Earlier in the month, Maryland Gov. Lawrence Hogan announced the 2017 Maryland Jobs Initiative, a legislative package that would eliminate all state taxes for 10 years for new manufacturing employers that create jobs in high unemployment areas, as well as incentives for current employers who expand their workforce in those areas.
MD Session Ends on High Note for Tech Sector, University-based Economic Development
The FY15 budget bill passed by Maryland lawmakers increases funding for three of the state’s high-tech tax credits and provides level funding for continued innovation-focused investments. Lawmakers also passed bills to fund endowed chairs, create zones to incentivize businesses, and establish a statewide internship program connecting students to small, technology businesses.
IN, MD continue funding innovation
As the state budgeting process comes to a close, SSTI will report over the coming weeks on actions taken by state legislatures to invest in economic growth through science, technology, innovation and entrepreneurship. This week, we look at the budgets passed and signed by governors in Indiana, which includes new funding for an institute focused on health and life-sciences research and commercialization, and Maryland, which includes funding for the Maryland Technology Development Corporation.
Maryland Gov. proposes $56 million for Opportunity Zone programs
Maryland Governor Larry Hogan’s FY 2020 budget proposal includes $56.5 million in new funding to attract businesses to Opportunity Zones. Other new innovation funding would support manufacturer hiring credits and a seed fund for minority entrepreneurs. Under the governor’s proposal, TEDCO, the state’s primary innovation agency, would see its spending increase from $27 million to $45 million.
Maryland Budget Supports BIO 2020 Initiative
Maryland legislators recently passed the FY11 budget, allocating $10.4 million for stem cell research and $8 million for tax credits for biotechnology companies. Many of the appropriations follow closely in line with Gov. Martin O'Malley's recommendations, which aim to support the Maryland BIO 2020 initiative, a statewide plan investing in biotechnology over 10 years.
Three High-Tech Tax Credits Expanded in Maryland Gov’s Budget
Gov. Martin O’Malley’s FY15 budget includes increased funding for the state’s biotech tax credit, cyber tax credit and R&D tax credit, and provides level funds to continue longstanding tech-based and workforce initiatives.
Maryland’s first State of the Economy report finds almost a decade of stalled economic and population growth
Last week (Jan. 3), Maryland’s state comptroller released the state’s first State of the Economy report.