State officials are seeking some changes in the $84 million InvestMaryland program, including allowing the Department of Business and Economic Development to acquire a greater ownership interest when investing in a venture firm.
Current law prohibits DBED from acquiring an ownership interest of more than 25 percent in a business in which it invests. Legislation filed by Sen. Edward J. Kasemeyer (D-Dist. 12) of Columbia on behalf of DBED would allow the state to acquire a larger interest if the investment is in a venture or private equity firm.