Invest Md Bill Moving in House |
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The program, Gov. Martin O'Malley's top economic initiative, would allow the state to auction $100 million in tax credits to insurance companies to fill a venture fund with at least $70 million. (The auction has a floor of 70 cents on the dollar.) That money would be invested in high-tech early stage and growth-stage firms. One change the House accepted of the seven proposed by Republican lawmakers added a reporting requirement to the bill. The Department of Business and Economic Development would have to post an annual report on its website detailing the purchasers of the tax credits and recipients of Invest Maryland investments. "It's intended to spread the sunshine," said House Minority Leader Tony O'Donnell, who proposed the amendment. Other amendments would have carved out funds for investment in urban areas and written DBED out of the bill. Under the House proposal, two-thirds of the funds raised by the tax credit auctions would be invested by private venture capitalists and one-third overseen by DBED. One proposal would have put the public share of the money under the control of the Maryland Technology Development Corporation, and another would have given it all to private VC's. The firms that invest on the state's behalf would repay all of the principal and 80 percent of the profit on successful investments. Invest Maryland will likely be up for a final vote Friday, and then head to the upper chamber, where senators are considering changes of their own. | ||||||
| Last Updated ( Friday, 23 December 2011 ) | ||||||
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