Several state laws went into effect in Maryland starting July 1, 2023, and a number of them directly impact our business community.
- H.B. 549, The Fair Wage Act of 2023, which will raise the minimum wage to $15 an hour two years ahead of schedule, starting January 1, 2024.
- H.B. 550, The Clean Energy and Transportation Act, increases incentives to purchase medium-duty and heavy-duty trucks and invest in charging stations. Businesses that make the change from fossil fuel vehicles to electric trucks can receive grants that cover the total cost of the transition.
- H.B. 552, The Innovation Economy Infrastructure Act of 2023, establishes the Build Our Future Grant Pilot Program in the Department of Commerce to provide funding for certain costs for infrastructure projects in eligible technology sectors.
- H.B. 548, The Access to Banking Act, establishes the Maryland Community Investment Venture Fund as an instrument of the state to develop opportunities for banking institutions and credit unions to better serve the needs of low-to moderate-income Marylanders. This law provides for certain assessment offset credits for certain banking institutions and credit unions in certain areas, authorizing the use of the Banking Institution and Credit Union Regulation Fund for certain purposes.
- S.B. 452, The Film Production Activity Income Tax Credit, will expand eligibility for the credit against the state income tax for certain film production activities to include documentaries and talk, reality, and game shows. The law increases the percentage of total direct costs that qualify for the tax credit, increases the aggregate amount of tax credit certificates that the Secretary of Commerce may issue to for fiscal years 2024 through 2026, and establishes the Maryland Entertainment Council to study and make recommendations regarding Maryland's film, television, and entertainment industry.
You can find the full list here.