Maryland Department of Commerce

Funds economic growth in Maryland through state programs, including grants, tax credits, and loan tools for innovation and manufacturing.

The Maryland Department of Commerce is Maryland's state economic-development agency and one of 20 agencies in the executive branch. It stimulates private investment and job creation by attracting new businesses and supporting the expansion and retention of existing companies. The agency is led by Secretary Harry Coker Jr. and operates as a state-level body rather than a federal one.

Commerce administers grants, tax credits, direct loans, loan guarantees, and venture capital investments across technology, manufacturing, film, and broader industry support. Its Build Our Future Grant Pilot Program offers up to $2 million per entity each year, with $7 million appropriated for FY2026, a 200 percent match requirement for awards up to $1 million, and a 400 percent match for awards from $1 million to $2 million. The Maryland Research and Development Tax Credit equals 10 percent of eligible R&D expenses above the Maryland base amount, carries an individual cap of $250,000, and opens for tax year 2025 on June 1, 2026 before closing November 15, 2026.

The agency's broader incentive stack includes the Biotechnology Investment Incentive Tax Credit, Job Creation Tax Credit, Film Production Activity Tax Credit, More Jobs for Marylanders, and the Innovation Investment Tax Credit. That mix shows a department that funds both sector-specific growth and place-based retention, with the Build Our Future program targeting advanced manufacturing, aerospace, agriculture, AI, biotechnology, blue technology, cybersecurity, defense, energy and sustainability, life sciences, quantum, sensors, and robotics. Applicants are usually companies, universities, or regional partners with matching capital and a concrete project plan rather than a speculative concept.