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House approves O’Malley high-tech venture fund

ANNAPOLIS — The House of Delegates is supporting Gov. Martin O’Malley’s plan to invest millions of dollars in high-tech ventures.

The House voted 94-43 Friday to send the governor’s “InvestMaryland” proposal to the Senate. The House reduced the governor’s original call for the state to dole out $142 million in tax credits to $100 million and also trimmed back the Department of Business and Economic Development’s role in investing that money.

Senate Budget and Taxation Committee Chairman Ed Kasemeyer, D-Baltimore County, said his panel would vote on a Senate version of the bill Friday afternoon. Lawmakers are scheduled to finish work on the 2011 session Monday at midnight.