Maryland 2022 Regular Session

Maryland Senate Bill SB845 Compare Versions

Only one version of the bill is available at this time.

Old	New	Differences
1	1
2	2
3	3	EXPLANATION: CAPITALS INDICATE MAT TER ADDED TO EXISTIN G LAW.
4	4	[Brackets] indicate matter deleted from existing law.
5	5	sb0845
6	6
7	7	SENATE BILL 845
8	8	C8 2lr2282
9	9	CF 2lr2283
10	10	By: Senators Edwards and Corderman
11	11	Introduced and read first time: February 7, 2022
12	12	Assigned to: Budget and Taxation
13	13
14	14	A BILL ENTITLED
15	15
16	16	AN ACT concerning 1
17	17
18	18	Economic Development – Maryland Technology Development 2
19	19	Corporation – Rural Business Innovation Initiative Fund 3
20	20
21	21	FOR the purpose of establishing the Rural Business Innovation Initiative Fund in the 4
22	22	Maryland Technology Development Corporation as a special, nonlapsing fund to 5
23	23	provide assistance to start–up and small technology–based businesses in the rural 6
24	24	areas of the State; and generally relating to the Maryland Technology Development 7
25	25	Corporation and the Rural Business Innovation Initiative Fund. 8
26	26
27	27	BY adding to 9
28	28	Article – Economic Development 10
29	29	Section 10–487 to be under the amended part “Part X. Miscellaneous Funds” 11
30	30	Annotated Code of Maryland 12
31	31	(2018 Replacement Volume and 2021 Supplement) 13
32	32
33	33	BY repealing and reenacting, without amendments, 14
34	34	Article – State Finance and Procurement 15
35	35	Section 6–226(a)(2)(i) 16
36	36	Annotated Code of Maryland 17
37	37	(2021 Replacement Volume) 18
38	38
39	39	BY repealing and reenacting, with amendments, 19
40	40	Article – State Finance and Procurement 20
41	41	Section 6–226(a)(2)(ii)144. and 145. 21
42	42	Annotated Code of Maryland 22
43	43	(2021 Replacement Volume) 23
44	44
45	45	BY adding to 24
46	46	Article – State Finance and Procurement 25
47	47	Section 6–226(a)(2)(ii)146. 26
48	48	Annotated Code of Maryland 27 2 SENATE BILL 845
49	49
50	50
51	51	(2021 Replacement Volume) 1
52	52
53	53	SECTION 1. BE IT ENACTED BY THE GENERAL A SSEMBLY OF MARYLAND, 2
54	54	That the Laws of Maryland read as follows: 3
55	55
56	56	Article – Economic Development 4
57	57
58	58	Part X. [Pre–Seed Builder Fund] MISCELLANEOUS FUNDS. 5
59	59
60	60	10–487. 6
61	61
62	62	(A) IN THIS SECTION, “FUND” MEANS THE RURAL BUSINESS INNOVATION 7
63	63	INITIATIVE FUND. 8
64	64
65	65	(B) THERE IS A RURAL BUSINESS INNOVATION INITIATIVE FUND IN THE 9
66	66	CORPORATION . 10
67	67
68	68	(C) THE PURPOSE OF THE FUND IS TO MAKE PRE –SEED INVESTMENTS IN 11
69	69	TECHNOLOGY –BASED BUSINESSES THA T MAINTAIN PRINCIPAL BUSINESS 12
70	70	OPERATIONS IN RURAL AREAS OR RURAL COMMU NITIES. 13
71	71
72	72	(D) THE CORPORATION SHALL MAN AGE AND SUPERVISE TH E FUND. 14
73	73
74	74	(E) (1) THE FUND IS A SPECIAL, NONLAPSING REVOLVING FUND THAT IS 15
75	75	NOT SUBJECT TO REVER SION UNDER § 7–302 OF THE STATE FINANCE AND 16
76	76	PROCUREMENT ARTICLE. 17
77	77
78	78	(2) THE TREASURER SHALL HOLD THE FUND, AND THE 18
79	79	COMPTROLLER SHALL ACCOUN T FOR THE FUND. 19
80	80
81	81	(F) (1) FOR FISCAL YEAR 2024 AND EACH FISCAL YEAR THEREAFTER , 20
82	82	THE GOVERNOR SHALL INCLUD E IN THE ANNUAL BUDG ET BILL AN APPROPRIA TION 21
83	83	OF $500,000 TO THE FUND. 22
84	84
85	85	(2) MONEY APPROPRIATED TO THE FUND SHALL BE USED TO 23
86	86	SUPPLEMENT, NOT SUPPLANT , MONEY THAT THE FUND RECEIVES FROM OT HER 24
87	87	SOURCES. 25
88	88
89	89	(G) (1) THE TREASURER SHALL INVES T MONEY IN THE FUND IN THE 26
90	90	SAME MANNER AS OTHER STATE MONEY. 27
91	91
92	92	(2) ANY INVESTMENT EARNIN GS OF THE FUND SHALL BE CREDITE D 28
93	93	TO THE FUND. 29
94	94	SENATE BILL 845 3
95	95
96	96
97	97	Article – State Finance and Procurement 1
98	98
99	99	6–226. 2
100	100
101	101	(a) (2) (i) Notwithstanding any other provision of law, and unless 3
102	102	inconsistent with a federal law, grant agreement, or other federal requirement or with the 4
103	103	terms of a gift or settlement agreement, net interest on all State money allocated by the 5
104	104	State Treasurer under this section to special funds or accounts, and otherwise entitled to 6
105	105	receive interest earnings, as accounted for by the Comptroller, shall accrue to the General 7
106	106	Fund of the State. 8
107	107
108	108	(ii) The provisions of subparagraph (i) of this paragraph do not apply 9
109	109	to the following funds: 10
110	110
111	111	144. the Health Equity Resource Community Reserve Fund; 11
112	112	[and] 12
113	113
114	114	145. the Access to Counsel in Evictions Special Fund; AND 13
115	115
116	116	146. THE RURAL BUSINESS INNOVATION INITIATIVE 14
117	117	FUND. 15
118	118
119	119	SECTION 2. AND BE IT FURTHER ENACTED, That the Rural Business 16
120	120	Innovation Initiative Fund established under § 10–487 of the Economic Development 17
121	121	Article, as enacted by Section 1 of this Act, is the successor to the Rural Business Innovation 18
122	122	Initiative Fund established under Title 14, Subtitle 4, Chapter 4 of the Code of Maryland 19
123	123	Regulations. 20
124	124
125	125	SECTION 3. AND BE IT FURTHER ENACTED, That this Act shall take effect July 21
126	126	1, 2022. 22