Commerce

2014 Maryland legislative session fosters economic progress

The Maryland General Assembly concluded its 2014 legislative session this week, wrapping up with the passage of several bills in support of Maryland’s economy.

Central to those initiatives was an increase in the State’s minimum wage, which will incrementally rise from $7.25 to $10.10 by July 1, 2018. Maryland Department of Business and Economic Development Secretary Dominick Murray praised Governor Martin O’Malley and other State leaders for championing the Maryland Minimum Wage Act of 2014.

“This is going to help strengthen Maryland’s middle class. It will create about 1,600 jobs and provide nearly $500 million in economic activity,” Secretary Murray said.

Governor O’Malley’s approved budget also supported funding for multiple DBED-sponsored programs, including a $7.4 million infusion into the Maryland Economic Development Assistance Authority and Fund, DBED’s primary financial incentive program. MEDAAF offers direct aid to companies, county economic initiatives and redevelopment programs.

Legislators also approved $17.1 million for the Maryland State Arts Council and $14.4 million for the Maryland Office of Tourism.

State tax credit programs benefitted, as well.

Funding for the Biotechnology Investment Incentive Tax Credit increased by $2 million, funding for the Cybersecurity Investment Incentive Tax Credit increased by $1 million and funding for the Research and Development Tax Credit increased by $1 million.

Find Secretary Murray’s full address on the legislative session in the above video filmed in Annapolis, and visit DBED’s website for further information on programs that stimulate growth and innovation in Maryland.

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