Legislation - SB0372

Title: Community Development - Maryland New Markets Development Program - Establishment
Sponsored by: Senator McCray
Status: In the Senate - Hearing 2/11 at 2:00 p.m.
Analysis: Fiscal and Policy Note

Synopsis

Establishing the Maryland New Markets Development Program; requiring the Department of Housing and Community Development to administer the Program; authorizing a credit against the State insurance premium receipts tax and certain State insurance retaliatory taxes, fees, charges, and penalties for certain equity investments in certain community development entities; authorizing the Department to recapture a credit under certain circumstances; limiting the credit amounts that may be issued to $18,750,000 for any taxable year; etc.

Committees

Original:: Budget and Taxation Click to view Recorded Media

Details

Cross-filed with: HB0005

Bill File Type: Regular

Effective Date(s): July 1, 2026

History

Legislation History
Chamber Senate Calendar Date 1/27/2026 Legislative Date 1/27/2026 Action First Reading Budget and Taxation Proceedings
Chamber Calendar Date Legislative Date Action Text - First - Community Development - Maryland New Markets Development Program - Establishment Proceedings
Chamber Senate Calendar Date 1/28/2026 Legislative Date 1/28/2026 Action Hearing 2/11 at 1:00 p.m. Proceedings
Chamber Senate Calendar Date 2/03/2026 Legislative Date 2/03/2026 Action Hearing canceled Proceedings
Chamber Senate Calendar Date 2/03/2026 Legislative Date 2/03/2026 Action Hearing 2/11 at 2:00 p.m. Proceedings

Chamber	Calendar Date	Legislative Date	Action
Senate	1/27/2026	1/27/2026	First Reading Budget and Taxation
			Text - First - Community Development - Maryland New Markets Development Program - Establishment
Senate	1/28/2026	1/28/2026	Hearing 2/11 at 1:00 p.m.
Senate	2/03/2026	2/03/2026	Hearing canceled
Senate	2/03/2026	2/03/2026	Hearing 2/11 at 2:00 p.m.

File Code

Subjects

Statutes