Explanation of House Bill 685 - Maryland Aerospace and Technology Commission
This bill establishes the Maryland Aerospace and Technology Commission within the Department of Commerce. The purpose of the Commission is to promote innovation in space exploration and commercial aerospace opportunities. Additionally, a special fund called the Maryland Aerospace and Technology Fund is created, with interest earnings credited back to the fund.
The bill outlines the composition and responsibilities of the Commission, including the management by a Board of Directors and the appointment of various members from different organizations and institutions. The Commission is tasked with developing a strategic plan to further its goals and promote aerospace and technology economic development in the state.
The bill also allows the Commission to provide grants to eligible entities for various purposes related to aerospace technology, as well as establish designated Aerospace and Technology Zones within the state to support business development and educational opportunities.
Furthermore, the bill addresses financial aspects such as the administration of the fund, the investment of fund money, and reporting requirements. It also includes provisions for audits, exemptions from certain taxes, and the hiring of consultants to assist the Commission.
Overall, the bill aims to foster growth and innovation in the aerospace and technology industry in Maryland through the establishment of the Commission and the allocation of resources to support related initiatives.