Governor Moore Signs Legislation Enhancing Key Maryland Economic Development Programs

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Official release

Source material from Maryland Department of Commerce. The wording below is the issuer’s statement.

Governor Moore Signs Legislation Enhancing Key Maryland Economic Development Programs

Press Release

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May 12, 2026

BALTIMORE, MD (May 12, 2026) – Governor Wes Moore today signed major legislation that aims to make Maryland’s economy stronger and more competitive. The Delivering Economic Competitiveness and Advancing Development Efforts, or DECADE, Act of 2026 was a cornerstone of the Moore-Miller administration's 2026 legislative agenda and includes several provisions to enhance critical economic development programs administered by the state.

“Signing the DECADE Act is about doubling down on the industries where Maryland is poised to lead: information technology, life sciences, and aerospace and defense,” said Gov. Moore. “As we diversify our economy off of Washington D.C. and build on more than $14 billion in private investment in just three years, the DECADE Act is central to our strategy to accelerate that momentum.”

Key provisions of the DECADE Act include:

Extending and modernizing the Build Our Future Grant Program by providing matching grants of up to $2 million to support construction of innovative infrastructure in high-growth industries and revitalizing the Regional Institution Strategic Enterprise (RISE) Zone program—which leverages higher education and federal facility assets to attract businesses and create jobs—and providing long-term tax credit certainty for businesses engaging in research, development, and security-related contract work; both of these programs also move from the Maryland Department of Commerce to the Maryland Economic Development Corporation (MEDCO).

Modernizing the Maryland Economic Development Assistance Authority and Fund (MEDAAF) by increasing the amount of assistance the state can offer to support a major economic development project from $5 million to $7.5 million for loans or investments and from $2 million to $5 million for grants; the legislation also gives the Secretary of Commerce more flexibility to approve and set terms for each transaction.

Removing the requirement that local governments provide a 10 percent match for assistance provided through MEDAAF, thereby expanding the range of economic development projects across the state that will be eligible for MEDAAF support.

Increasing the maximum amount of financial assistance that can be provided to eligible businesses through the Maryland Small Business Development Financing Authority (MSBDFA) from $2 million to $3 million for loan and loan guaranties; $2.25 million to $3 million for surety guaranties; and $2.5 million to $3 million for bonds.

Moving the Sunny Day Program, also known as the Economic Development Opportunities Program Fund, under the administration of the Maryland Department of Commerce. The program is rebranded as the Strategic Closing Fund and its focus realigned to bolster business attraction.

The DECADE Act of 2026 also extends the sunsets dates of several tax credits administered by the Maryland Department of Commerce: the Research and Development Tax Credit is extended until 2031; the Job Creation Tax Credit is extended until 2032; and the Employer Security Clearance Cost Tax Credit Program is extended until 2032.

“If we are truly going to make Maryland’s economy stronger and more competitive, our policies and programs must adapt and evolve,” said Maryland Commerce Secretary Harry Coker, Jr. “The changes in the DECADE Act of 2026 are the result of careful analysis and review and will ensure these programs are as effective as possible in the years to come.”

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Release text attributed to Maryland Department of Commerce. Consult the official publication for any subsequent corrections or updates.