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House OKs changes to state venture fund

Saturday - 4/6/2013, 2:40pm  ET

BRIAN WITTE
Associated Press

ANNAPOLIS, Md. (AP) -- The Maryland House of Delegates has passed a measure to adjust how money from a state venture capital fund can be used to try to make it more effective.

The House voted 107-25 on Saturday for the bill. That sends it to the Senate to consider amendments delegates made to the measure.

The bill affects InvestMaryland, a top initiative of Gov. Martin O'Malley's that was approved two years ago to help start-up companies.

Under the program, $84 million was raised by selling state insurance premium tax credits at reduced rates. However, only about $5 million has gone so far to companies.

Critics say the need for the bill is proof that the program isn't working, but supporters say it's a long-term project that will take time to reach full fruition.


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