O’Malley’s Venture Fund Proposal Approved

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ANNAPOLIS, Md. (AP) — The General Assembly has approved Gov. Martin O’Malley’s proposed venture capital fund.

The House of Delegates voted 92-43 Monday night to give final approval to the bill.

The governor’s original call for the state to auction off $142 million in tax credits was scaled back to $100 million. The state would use the proceeds from that auction — up to $75 million — to invest in high-tech businesses.

The bill was one of O’Malley’s top priorities this session. The governor introduced the bill to provide start-up money for high-tech companies to create jobs in Maryland.

(Copyright 2011 by The Associated Press. All Rights Reserved.)

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