On the heels of the Moore-Miller administration’s action to update digital services, the governor and lieutenant governor dropped its $63.1 billion FY25 budget proposal this week. It highlights efforts to enhance Maryland’s economic development, bolster safety measures and make the state more affordable and competitive.
How might the state’s budget impact technologists?
The proposal allocates $6.4 million that could potentially impact Maryland’s tech economy, including $1 million for Baltimore’s Tech Hub Consortium. Those funds are aimed at providing resources to compete for what could be $70 million in federal funding if the consortium makes it past Phase 2 of the federal program.
For the latest updates on Baltimore’s tech hub consortium, which is currently exploring potential corporate partnerships, tune in to this WYPR segment. Leaders from the Greater Baltimore Committee (GBC) and Fearless share their expectations for the consortium leading up to the February deadline.
In addition, $500,000 is earmarked to support a newly announced Pava LaPere Innovation Acceleration Grant Program. This comes close behind a proposed bill in the late LaPere’s name that aims to reform Maryland’s diminution credit system.
Other noteworthy allocations
Beyond the $6.4 million tech allocation and its aforementioned components, the proposal outlines $2.3 billion in funding for University System of Maryland institutions and $20 million to support the expansion of data science and computing infrastructure at Johns Hopkins University.
Mayor Brandon Scott lent his statement on the proposed state budget in a post on Instagram.
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