Bill Positions

Bill Number: SB 274

Bill Title: Tax Increment Financing and Special Taxing Districts - Transit-Oriented Development

Bill Sponsor(s): President (Administration)

Subject: Transportation

Committee: B&T

Bill Summary: This bill authorizes certain local governments to finance the costs of infrastructure improvements located in or supporting a TOD, including the cost for operation and maintenance of infrastructure improvements. MEDCO may enter into agreements with the local governments to use proceeds from a special taxing district, including tax incremental financing, to repay debt service on bonds MEDCO issues on behalf of TOD projects. TIF-supported bonds may cover the expense of construction, operation, or maintenance of infrastructure improvements and local tax revenues attributed to the development may be pledged for repayment of MEDCO bonds. Once the interest and principal on the bonds are repaid, the special taxing district is dissolved and any excess funds remaining may be used for additional TOD or may revert to the local government’s general fund.

History: This bill was vetoed by the Governor as a duplicative bill. The crossfile HB 300 was enacted as Chapter 182.

Chamber Position: Support

Position Summary: This legislation will encourage an increase in transit oriented development in Maryland, which will overall create a "greener" environment, reduce traffic, and provide development opportunities for Maryland's transit systems. For these reasons, the Maryland Chamber supported this legislation.

Position Statement: Coming Soon

Chamber Staff: Allyson Black

General Assembly: Click here to view the bill on the Maryland General Assembly's website.