Technology Highlights of Governor Hogan’s
Proposed Budget

The Maryland General Assembly will begin its deliberation of Governor Hogan’s FY 2018 this month. Governor Hogan has proposed several items that have significance to Maryland’s technology community in particular, as well as to the business community in general. Most significant to all private sector entities, the Governor is proposing no new or increased taxes or fees for the coming year. Other highlights include:

• An increase of $10.2 million to the State’s primary economic development loan fund (Maryland Economic Development Assistance Authority and Fund, commonly referred to as MEDAAF);
• An allocation of $20 million to retain Marriott International’s new worldwide headquarters in Maryland;
• An initial $5 million on the commitment of $20 million to assist Northrop Grumman;
• $12 million for the Biotechnology Investment Incentive Tax Credit;
• $2 million for the Cybersecurity Investment Incentive Tax Credit;
• $4.8 million for the Maryland Innovation Initiative to promote commercialization of research from Maryland universities
• $900,000 for the Cyber Security Investment Fund

There is some controversy within the General Assembly about the Governor’s budget priorities. This means that the initiatives outlined above are by no means secure from reduction or even elimination. The Tech Council of Maryland will be directly involved with legislators in the coming months to make sure they maintain these critical programs.