MD
Maryland House Bill HB552

Maryland 2023 Regular Session

Maryland House Bill HB552 Compare Versions

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1- WES MOORE, Governor Ch. 430
21
3-– 1 –
4-Chapter 430
5-(House Bill 552)
62
7-AN ACT concerning
3+EXPLANATION: CAPITALS INDICATE MAT TER ADDED TO EXISTIN G LAW.
4+ [Brackets] indicate matter deleted from existing law.
5+ Underlining indicates amendments to bill.
6+ Strike out indicates matter stricken from the bill by amendment or deleted from the law by
7+amendment.
8+ *hb0552*
89
9-Economic Development – Build Our Future Grant Pilot Program and Fund
10-(Innovation Economy Infrastructure Act of 2023)
10+HOUSE BILL 552
11+C8 3lr0127
12+ CF SB 549
13+By: The Speaker (By Request – Administration) and Delegates Addison, Allen,
14+Amprey, Anderton, Attar, Bagnall, Bhandari, Boafo, Buckel, Cardin,
15+Charles, Conaway, Crosby, Crutchfield, Cullison, Davis, Ebersole, Edelson,
16+Embry, Fennell, Foley, Fraser–Hidalgo, Grossman, Guyton, Harris, Healey,
17+Henson, Holmes, Hornberger, D. Jones, Kaufman, Kelly, Kerr, J. Long,
18+Lopez, McCaskill, McComas, Pasteur, Patterson, Phillips, Qi, Queen,
19+Reznik, Rosenberg, Ruth, Sample –Hughes, Shetty, Simpson, Smith,
20+Solomon, Stein, Taveras, Toles, Turner, Valderrama, Vogel, Watson, Wells,
21+Wilkins, Williams, Wivell, Woods, Wu, and Young
22+Introduced and read first time: February 2, 2023
23+Assigned to: Ways and Means
24+Committee Report: Favorable with amendments
25+House action: Adopted
26+Read second time: March 5, 2023
1127
12-FOR the purpose of establishing the Build Our Future Grant Pilot Program in the
13-Department of Commerce to provide funding for certain costs for infrastructure
14-projects in eligible technology sectors; requiring certain grantees to provide matching
15-funds and to demonstrate certain abilities; establishing the Build Our Future Grant
16-Fund as a special, nonlapsing fund; and generally relating to the Build Our Future
17-Grant Pilot Program and Fund.
28+CHAPTER ______
1829
19-BY repealing and reenacting, with amendments,
20- Article – Economic Development
21-Section 5–102
22- Annotated Code of Maryland
23- (2018 Replacement Volume and 2022 Supplement)
30+AN ACT concerning 1
2431
25-BY adding to
26- Article – Economic Development
27-Section 5–2301 through 5–2307 to be under the new subtitle “Subtitle 23. Build Our
28-Future Grant Pilot Program”
29- Annotated Code of Maryland
30- (2018 Replacement Volume and 2022 Supplement)
32+Economic Development – Build Our Future Grant Pilot Program and Fund 2
33+(Innovation Economy Infrastructure Act of 2023) 3
3134
32-BY repealing and reenacting, without amendments,
33- Article – State Finance and Procurement
34-Section 6–226(a)(2)(i)
35- Annotated Code of Maryland
36- (2021 Replacement Volume and 2022 Supplement)
35+FOR the purpose of establishing the Build Our Future Grant Pilot Program in the 4
36+Department of Commerce to provide funding for certain costs for infrastructure 5
37+projects in eligible technology sectors; requiring certain grantees to provide matching 6
38+funds and to demonstrate certain abilities; establishing the Build Our Future Grant 7
39+Fund as a special, nonlapsing fund; and generally relating to the Build Our Future 8
40+Grant Pilot Program and Fund. 9
3741
38-BY repealing and reenacting, with amendments,
39- Article – State Finance and Procurement
40-Section 6–226(a)(2)(ii)170. and 171.
41- Annotated Code of Maryland
42- (2021 Replacement Volume and 2022 Supplement)
42+BY repealing and reenacting, with amendments, 10
43+ Article – Economic Development 11
44+Section 5–102 12
45+ Annotated Code of Maryland 13
46+ (2018 Replacement Volume and 2022 Supplement) 14
4347
44-BY adding to
45- Article – State Finance and Procurement
46-Section 6–226(a)(2)(ii)172.
47- Annotated Code of Maryland
48- (2021 Replacement Volume and 2022 Supplement)
49- Ch. 430 2023 LAWS OF MARYLAND
48+BY adding to 15 2 HOUSE BILL 552
5049
51-– 2 –
52- SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF MARYLAND,
53-That the Laws of Maryland read as follows:
5450
55-Article – Economic Development
51+ Article – Economic Development 1
52+Section 5–2301 through 5–2307 to be under the new subtitle “Subtitle 23. Build Our 2
53+Future Grant Pilot Program” 3
54+ Annotated Code of Maryland 4
55+ (2018 Replacement Volume and 2022 Supplement) 5
5656
57-5–102.
57+BY repealing and reenacting, without amendments, 6
58+ Article – State Finance and Procurement 7
59+Section 6–226(a)(2)(i) 8
60+ Annotated Code of Maryland 9
61+ (2021 Replacement Volume and 2022 Supplement) 10
5862
59- The Department shall administer the State’s economic development and financial
60-assistance programs and funds including:
63+BY repealing and reenacting, with amendments, 11
64+ Article – State Finance and Procurement 12
65+Section 6–226(a)(2)(ii)170. and 171. 13
66+ Annotated Code of Maryland 14
67+ (2021 Replacement Volume and 2022 Supplement) 15
6168
62- (1) the BRAC Revitalization and Incentive Zone Program, under Subtitle
63-13 of this title;
69+BY adding to 16
70+ Article – State Finance and Procurement 17
71+Section 6–226(a)(2)(ii)172. 18
72+ Annotated Code of Maryland 19
73+ (2021 Replacement Volume and 2022 Supplement) 20
6474
65- (2) THE BUILD OUR FUTURE GRANT PILOT PROGRAM, UNDER
66-SUBTITLE 23 OF THIS TITLE;
75+ SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF MARYLAND, 21
76+That the Laws of Maryland read as follows: 22
6777
68- (3) the Enterprise Fund, under Subtitle 6 of this title;
78+Article – Economic Development 23
6979
70- [(3)] (4) the Enterprise Zones Program, under Subtitle 7 of this title;
80+5–102. 24
7181
72- [(4)] (5) the Make Office Vacancies Extinct Program, under Subtitle 15 of
73-this title;
82+ The Department shall administer the State’s economic development and financial 25
83+assistance programs and funds including: 26
7484
75- [(5)] (6) the Maryland Economic Adjustment Fund, under Subtitle 2 of
76-this title;
85+ (1) the BRAC Revitalization and Incentive Zone Program, under Subtitle 27
86+13 of this title; 28
7787
78- [(6)] (7) the Maryland Economic Development Assistance Authority and
79-Fund, under Subtitle 3 of this title;
88+ (2) THE BUILD OUR FUTURE GRANT PILOT PROGRAM, UNDER 29
89+SUBTITLE 23 OF THIS TITLE; 30
8090
81- [(7)] (8) the Maryland Industrial Development Financing Authority,
82-under Subtitle 4 of this title;
91+ (3) the Enterprise Fund, under Subtitle 6 of this title; 31
8392
84- [(8)] (9) the Maryland Small Business Development Financing Authority,
85-under Subtitle 5 of this title;
93+ [(3)] (4) the Enterprise Zones Program, under Subtitle 7 of this title; 32
8694
87- [(9)] (10) the Appalachian Regional Development Program, under Title 13,
88-Subtitle 1 of this article;
95+ [(4)] (5) the Make Office Vacancies Extinct Program, under Subtitle 15 of 33
96+this title; 34
97+ HOUSE BILL 552 3
8998
90- [(10)] (11) jointly with the Department of Housing and Community
91-Development, the Community Development Block Grant for Economic Development;
9299
93- [(11)] (12) the Regional Institution Strategic Enterprise Zone Program
94-under Subtitle 14 of this title; and
95- WES MOORE, Governor Ch. 430
100+ [(5)] (6) the Maryland Economic Adjustment Fund, under Subtitle 2 of 1
101+this title; 2
96102
97-– 3 –
98- [(12)] (13) any other programs or funds designated by statute, the
99-Governor, or the Secretary.
103+ [(6)] (7) the Maryland Economic Development Assistance Authority and 3
104+Fund, under Subtitle 3 of this title; 4
100105
101-SUBTITLE 23. BUILD OUR FUTURE GRANT PILOT PROGRAM.
106+ [(7)] (8) the Maryland Industrial Development Financing Authority, 5
107+under Subtitle 4 of this title; 6
102108
103-5–2301.
109+ [(8)] (9) the Maryland Small Business Development Financing Authority, 7
110+under Subtitle 5 of this title; 8
104111
105- (A) IN THIS SUBTITLE THE FOLLOWING WORDS HAVE THE MEANINGS
106-INDICATED.
112+ [(9)] (10) the Appalachian Regional Development Program, under Title 13, 9
113+Subtitle 1 of this article; 10
107114
108- (B) “FUND” MEANS THE BUILD OUR FUTURE GRANT FUND.
115+ [(10)] (11) jointly with the Department of Housing and Community 11
116+Development, the Community Development Block Grant for Economic Development; 12
109117
110- (C) “PROGRAM” MEANS THE BUILD OUR FUTURE GRANT PILOT PROGRAM.
118+ [(11)] (12) the Regional Institution Strategic Enterprise Zone Program 13
119+under Subtitle 14 of this title; and 14
111120
112-5–2302.
121+ [(12)] (13) any other programs or funds designated by statute, the 15
122+Governor, or the Secretary. 16
113123
114- (A) THERE IS A BUILD OUR FUTURE GRANT PILOT PROGRAM IN THE
115-DEPARTMENT .
124+SUBTITLE 23. BUILD OUR FUTURE GRANT PILOT PROGRAM. 17
116125
117- (B) THE PURPOSE OF THE PROGRAM IS TO PROVIDE GRANT FUNDING FOR
118-INFRASTRUCTURE PROJE CTS INTENDED TO SUPP ORT INNOVATION IN AN ELIGIBLE
119-TECHNOLOGY SECTOR .
126+5–2301. 18
120127
121- (C) GRANTS MAY BE AWARDED TO PRIVATE COMPANIES , NONPROFIT
122-ENTITIES, LOCAL GOVERNMENTS , OR COLLEGES AND UNIV ERSITIES IN THE STATE.
128+ (A) IN THIS SUBTITLE THE FO LLOWING WORDS HAVE T HE MEANINGS 19
129+INDICATED. 20
123130
124- (D) THE DEPARTMENT SHALL ADMI NISTER THE PROGRAM.
131+ (B) “FUND” MEANS THE BUILD OUR FUTURE GRANT FUND. 21
125132
126-5–2303.
133+ (C) “PROGRAM” MEANS THE BUILD OUR FUTURE GRANT PILOT PROGRAM. 22
127134
128- (A) TO CARRY OUT THE PURP OSE OF THE PROGRAM, THE DEPARTMENT
129-MAY AWARD GRANTS IN ACCORDANCE WITH THIS SUBTITLE TO APPROVED
130-RECIPIENTS CARRYING OUT INFRASTRUCTURE P ROJECTS INTENDED TO SUPPORT
131-INNOVATION IN ANY OF THE FOLLOWING ELIGIBLE TECHNOLOGY SECTORS:
135+5–2302. 23
132136
133- (1) ADVANCED MANUFACTURI NG;
137+ (A) THERE IS A BUILD OUR FUTURE GRANT PILOT PROGRAM IN THE 24
138+DEPARTMENT . 25
134139
135- (2) AEROSPACE;
140+ (B) THE PURPOSE OF THE PROGRAM IS TO PROVIDE GRANT FUNDING FOR 26
141+INFRASTRUCTURE PROJE CTS INTENDED TO SUPP ORT INNOVATION IN AN ELIGIBLE 27
142+TECHNOLOGY SECTOR . 28
143+ 4 HOUSE BILL 552
136144
137- (3) AGRICULTURE ;
138145
139- (4) ARTIFICIAL INTELLIGE NCE;
146+ (C) GRANTS MAY BE AWARDED TO PRIVATE COMPANIES , NONPROFIT 1
147+ENTITIES, LOCAL GOVERNMENTS , OR COLLEGES AND UNIVE RSITIES IN THE STATE. 2
140148
141- (5) BIOTECHNOLOGY ; Ch. 430 2023 LAWS OF MARYLAND
149+ (D) THE DEPARTMENT SHALL ADMI NISTER THE PROGRAM. 3
142150
143-– 4 –
151+5–2303. 4
144152
145- (6) BLUE TECHNOLOGY ;
153+ (A) TO CARRY OUT THE PURP OSE OF THE PROGRAM, THE DEPARTMENT 5
154+MAY AWARD GRANTS IN ACCORDANCE WITH THIS SUBTITLE TO APPROVED 6
155+RECIPIENTS CARRYING OUT INFRAS TRUCTURE PROJECTS IN TENDED TO SUPPORT 7
156+INNOVATION IN ANY OF THE FOLLOWING ELIGIB LE TECHNOLOGY SECTOR S: 8
146157
147- (7) CYBERSECURITY ;
158+ (1) ADVANCED MANUFACTURI NG; 9
148159
149- (8) DEFENSE;
160+ (2) AEROSPACE; 10
150161
151- (9) ENERGY AND SUS TAINABILITY;
162+ (3) AGRICULTURE ; 11
152163
153- (10) LIFE SCIENCES;
164+ (4) ARTIFICIAL INTELLIGE NCE; 12
154165
155- (11) QUANTUM; AND
166+ (5) BIOTECHNOLOGY ; 13
156167
157- (12) SENSOR AND ROBOTICS .
168+ (6) BLUE TECHNOLOGY ; 14
158169
159- (B) EXAMPLES OF ELIGIBLE PROJECTS INCLUDE :
170+ (7) CYBERSECURITY ; 15
160171
161- (1) SECURE COMPARTMENTAL IZED SENSITIVE COMPARTMEN TED
162-INFORMATION FACILITI ES;
172+ (8) DEFENSE; 16
163173
164- (2) WET LABORATORIES ;
174+ (9) ENERGY AND SUSTAINAB ILITY; 17
165175
166- (3) CYBER RANGES ;
176+ (10) LIFE SCIENCES; 18
167177
168- (4) PROTOTYPE MANUFACTUR ING CENTERS; AND
178+ (11) QUANTUM; AND 19
169179
170- (5) OTHER SPECIALIZED WO RKFORCE TRAINING , SKILL
171-CERTIFICATION , OR RESEARCH –RELATED SPACES .
180+ (12) SENSOR AND ROBOTICS . 20
172181
173- (C) GRANT AWARDS MAY BE U SED TO DEFRAY THE CO ST A GRANTEE INCURS
174-TO ACQUIRE , CONSTRUCT , REHABILITATE , INSTALL, IMPROVE, OR EQUIP AN
175-ELIGIBLE INNOVATION INFRASTRUCTURE PROJE CT.
182+ (B) EXAMPLES OF ELIGIBLE PROJECTS INCLUDE : 21
176183
177- (D) (1) A SINGLE ENTITY MAY BE AWARDED NOT MORE THA N $2,000,000
178-IN GRANT FUNDS IN A FISCAL YEAR.
184+ (1) SECURE COMPARTMENTAL IZED SENSITIVE COMPARTMEN TED 22
185+INFORMATION FACILITIES; 23
179186
180- (2) (I) FOR A GRANT AWARD UP TO $1,000,000, A GRANTEE SHALL
181-PROVIDE MATCHING FUN DS THAT ARE AT LEAST 200% OF THE GRANT AMOUNT .
187+ (2) WET LABORATORIES ; 24
182188
183- (II) FOR A GRANT AWARD EXC EEDING $1,000,000, AND UP TO
184-$2,000,000, A GRANTEE SHALL PROV IDE MATCHING FUNDS T HAT ARE AT LEAST
185-400% OF THE GRANT AMOUNT .
186- WES MOORE, Governor Ch. 430
189+ (3) CYBER RANGES ; 25
190+ HOUSE BILL 552 5
187191
188-– 5 –
189- (III) FUNDS RECEIVED BY A G RANTEE THROUGH OTHER STATE
190-GRANT PROGRAMS ARE NOT COU NTED TOWARD THE GRAN TEE’S MATCHING FUNDS
191-REQUIREMENT .
192192
193- (3) A GRANTEE MUST DEMONST RATE AN ABILITY TO C OVER THE FULL
194-ESTIMATED COSTS OF T HE PROJECT FOR WHICH THE GRANT IS AWARDED .
193+ (4) PROTOTYPE MANUFACTUR ING CENTERS; AND 1
195194
196- (4) (I) NOT MORE THAN 50% OF THE APPROPRIATION TO THE
197-FUND IN A FISCAL YEAR MAY BE AWARDED TO CO LLEGES AND UNIVERSIT IES IN
198-THAT FISCAL YEAR .
195+ (5) OTHER SPECIALIZED WO RKFORCE TRAINING , SKILL 2
196+CERTIFICATION , OR RESEARCH –RELATED SPACES . 3
199197
200- (II) GRANTS TO COLLEGES AN D UNIVERSITIES FROM THE FUND
201-MUST BE AWARDED TO P ROJECTS THAT :
198+ (C) GRANT AWARDS MAY BE U SED TO DEFRAY THE CO ST A GRANTEE INCURS 4
199+TO ACQUIRE , CONSTRUCT , REHABILITATE , INSTALL, IMPROVE, OR EQUIP AN 5
200+ELIGIBLE INNOVATION INFRASTRUCTURE PROJE CT. 6
202201
203- 1. ARE PERFORMED IN COL LABORATION WITH PRIV ATE
204-INDUSTRY; OR
202+ (D) (1) A SINGLE ENTITY MAY BE AWARDED NOT MORE THA N $2,000,000 7
203+IN GRANT FUNDS IN A FISCAL YEAR. 8
205204
206- 2. OFFER THE PROSPECT OF SIGNIFICANT ECONOMIC
207-IMPACT AND THE OPPOR TUNITY TO DEVELOP EN TREPRENEURSHIP OR CL USTERS
208-OF TECHNOLOGICAL INN OVATION IN THE STATE.
205+ (2) (I) FOR A GRANT AWARD UP TO $1,000,000, A GRANTEE SHALL 9
206+PROVIDE MATCHING FUN DS THAT ARE AT LEAST 200% OF THE GRANT AMOUNT . 10
209207
210-5–2304.
208+ (II) FOR A GRANT AWARD EXC EEDING $1,000,000, AND UP TO 11
209+$2,000,000, A GRANTEE SHALL PROV IDE MATCHING FUNDS T HAT ARE AT LEAST 12
210+400% OF THE GRANT AMOUNT . 13
211211
212- A GRANTEE MAY BE SUBJE CT TO REPAYMENT OF T HE GRANT IN AN AMOUN T
213-DETERMINED BY THE DEPARTMENT I F THE GRANTEE FAILS TO:
212+ (III) FUNDS RECEIVED BY A G RANTEE THROUGH OTHER STATE 14
213+GRANT PROGRAMS ARE N OT COUNTED TOWARD TH E GRANTEE’S MATCHING FUNDS 15
214+REQUIREMENT . 16
214215
215- (1) COMPLY WITH REPORTIN G REQUIREMENTS ESTAB LISHED BY THE
216-DEPARTMENT ; OR
216+ (3) A GRANTEE MUST DEMONST RATE AN ABILITY TO C OVER THE FULL 17
217+ESTIMATED COSTS OF T HE PROJECT FOR WHICH THE GRANT IS AWARDED . 18
217218
218- (2) DEMONSTRATE APPROPRI ATE USE OF GRANT FUN DS.
219+ (4) (I) NOT MORE THAN 50% OF THE APPROPRIATION TO THE 19
220+FUND IN A FISCAL YEAR MAY BE AWARDED TO CO LLEGES AND UNIVERSIT IES IN 20
221+THAT FISCAL YEAR . 21
219222
220-5–2305.
223+ (II) GRANTS TO COLLEGES AN D UNIVERSITIES FROM THE FUND 22
224+MUST BE AWARDED TO P ROJECTS THAT : 23
221225
222- (A) THERE IS A BUILD OUR FUTURE GRANT FUND.
226+ 1. ARE PERFORMED IN COLLABORATION WIT H PRIVATE 24
227+INDUSTRY; OR 25
223228
224- (B) THE DEPARTMENT SHALL ADMI NISTER THE FUND.
229+ 2. OFFER THE PROSPECT O F SIGNIFICANT ECONOM IC 26
230+IMPACT AND THE OPPOR TUNITY TO DEVELOP EN TREPRENEURSHIP OR CL USTERS 27
231+OF TECHNOLOGICAL INN OVATION IN THE STATE. 28
225232
226- (C) THE PURPOSE OF THE FUND IS TO PROVIDE GR ANTS FOR
227-INFRASTRUCTURE PROJE CTS TO SUPPORT INNOV ATION IN ELIGIBLE TE CHNOLOGY
228-SECTORS UNDER THIS S UBTITLE.
233+5–2304. 29
229234
230- (D) (1) THE FUND IS A SPECIAL , NONLAPSING FUND THAT IS NOT
231-SUBJECT TO REVERSION UNDER § 7–302 OF THE STATE FINANCE AND
232-PROCUREMENT ARTICLE. Ch. 430 2023 LAWS OF MARYLAND
235+ A GRANTEE MAY BE SUBJE CT TO REPAYMENT OF THE GRANT IN AN AMOU NT 30
236+DETERMINED BY THE DEPARTMENT IF THE GRA NTEE FAILS TO: 31 6 HOUSE BILL 552
233237
234-– 6 –
235238
236- (2) THE STATE TREASURER SHALL HOLD THE FUND SEPARATELY ,
237-AND THE COMPTROLLER SHALL ACC OUNT FOR THE FUND.
238239
239- (E) THE FUND CONSISTS OF :
240+ (1) COMPLY WITH REPORTIN G REQUIREMENTS ESTAB LISHED BY THE 1
241+DEPARTMENT ; OR 2
240242
241- (1) MONEY APPROPRIATED I N THE STATE BUDGET TO THE FUND;
243+ (2) DEMONSTRATE APPROPRI ATE USE OF GRANT FUN DS. 3
242244
243- (2) ANY INTEREST EARNINGS OF THE FUND; AND
245+5–2305. 4
244246
245- (3) ANY OTHER MONEY FROM ANY OTHER SOURCE ACC EPTED FOR
246-THE BENEFIT OF THE FUND.
247+ (A) THERE IS A BUILD OUR FUTURE GRANT FUND. 5
247248
248- (F) (1) THE FUND MAY BE USED TO :
249+ (B) THE DEPARTMENT SHALL ADMI NISTER THE FUND. 6
249250
250- (I) PROVIDE GRANTS IN AC CORDANCE WITH THIS S UBTITLE;
251-AND
251+ (C) THE PURPOSE OF THE FUND IS TO PROVIDE GR ANTS FOR 7
252+INFRASTRUCTURE PROJE CTS TO SUPPORT INNOV ATION IN ELIGIBLE TE CHNOLOGY 8
253+SECTORS UNDER THIS S UBTITLE. 9
252254
253- (II) PAY THE ADMINISTRATI VE COSTS OF THE PROGRAM.
255+ (D) (1) THE FUND IS A SPECIAL , NONLAPSING FUND TH AT IS NOT 10
256+SUBJECT TO REVERSION UNDER § 7–302 OF THE STATE FINANCE AND 11
257+PROCUREMENT ARTICLE. 12
254258
255- (2) DURING EACH FISCAL YE AR, THE DEPARTMENT MAY USE NO T
256-MORE THAN 10% OF THE MONEY APPROPR IATED TO THE FUND TO ADMINISTER TH E
257-PROGRAM.
259+ (2) THE STATE TREASURER SHALL HOLD THE FUND SEPARATELY , 13
260+AND THE COMPTROLLER SHALL ACC OUNT FOR THE FUND. 14
258261
259- (G) (1) THE STATE TREASURER SHALL INVES T THE MONEY OF THE FUND
260-IN THE SAME MANNER A S OTHER STATE MONEY MAY BE IN VESTED.
262+ (E) THE FUND CONSISTS OF : 15
261263
262- (2) ANY INTEREST EARNINGS OF THE FUND SHALL BE CREDITE D TO
263-THE FUND.
264+ (1) MONEY APPROPRIATED I N THE STATE BUDGET TO THE FUND; 16
264265
265- (H) EXPENDITURES FROM THE FUND MAY BE MADE ONLY IN ACCORDANCE
266-WITH THE STATE BUDGET .
266+ (2) ANY INTEREST EARNING S OF THE FUND; AND 17
267267
268-5–2306.
268+ (3) ANY OTHER MONEY FROM ANY OTHER SOURCE ACC EPTED FOR 18
269+THE BENEFIT OF THE FUND. 19
269270
270- ON OR BEFORE JULY 1, 2026, THE DEPARTMENT SHALL REPO RT TO THE
271-GOVERNOR AND , IN ACCORDANCE WITH § 2–1257 OF THE STATE GOVERNMENT
272-ARTICLE, THE GENERAL ASSEMBLY ON THE PROJE CTS FUNDED THROUGH A ND THE
273-ECONOMIC IMPACT OF T HE PROGRAM.
271+ (F) (1) THE FUND MAY BE USED TO : 20
274272
275-5–2307.
273+ (I) PROVIDE GRANTS IN AC CORDANCE WITH THIS S UBTITLE; 21
274+AND 22
276275
277- THE SECRETARY MAY ADOPT R EGULATIONS TO CARRY OUT THIS SUBTITLE .
278- WES MOORE, Governor Ch. 430
276+ (II) PAY THE ADMINISTRATI VE COSTS OF THE PROGRAM. 23
279277
280-– 7 –
281-Article – State Finance and Procurement
278+ (2) DURING EACH FISCAL YE AR, THE DEPARTMENT MAY USE NO T 24
279+MORE THAN 10% OF THE MONEY APPROPR IATED TO THE FUND TO ADMINISTER TH E 25
280+PROGRAM. 26
282281
283-6–226.
282+ (G) (1) THE STATE TREASURER SHALL INVES T THE MONEY OF THE FUND 27
283+IN THE SAME MANNER AS OTHER STATE MONEY MAY BE IN VESTED. 28 HOUSE BILL 552 7
284284
285- (a) (2) (i) Notwithstanding any other provision of law, and unless
286-inconsistent with a federal law, grant agreement, or other federal requirement or with the
287-terms of a gift or settlement agreement, net interest on all State money allocated by the
288-State Treasurer under this section to special funds or accounts, and otherwise entitled to
289-receive interest earnings, as accounted for by the Comptroller, shall accrue to the General
290-Fund of the State.
291285
292- (ii) The provisions of subparagraph (i) of this paragraph do not apply
293-to the following funds:
294286
295- 170. the Cannabis Public Health Fund; [and]
287+ (2) ANY INTEREST EARNINGS OF THE FUND SHALL BE CREDITE D TO 1
288+THE FUND. 2
296289
297- 171. the Community Reinvestment and Repair Fund; AND
290+ (H) EXPENDITURES FROM THE FUND MAY BE MADE ONLY IN ACCORDANCE 3
291+WITH THE STATE BUDGET . 4
298292
299- 172. THE BUILD OUR FUTURE GRANT FUND.
293+5–2306. 5
300294
301- SECTION 2. AND BE IT FURTHER ENACTED, That, on termination of this Act,
302-all funds remaining in the Build Our Future Grant Fund under § 5–2305 of the Economic
303-Development Article, as enacted by Section 1 of this Act, shall revert to the General Fund
304-of the State.
295+ ON OR BEFORE JULY 1, 2026, THE DEPARTMENT SHALL REPO RT TO THE 6
296+GOVERNOR AND , IN ACCORDANCE WITH § 2–1257 OF THE STATE GOVERNMENT 7
297+ARTICLE, THE GENERAL ASSEMBLY ON THE PROJE CTS FUNDED THROUGH A ND THE 8
298+ECONOMIC IMPACT OF T HE PROGRAM. 9
305299
306- SECTION 3. AND BE IT FURTHER ENACTED, That this Act shall take effect July
307-1, 2023. It shall remain effective for a period of 4 years and, at the end of June 30, 2027,
308-this Act, with no further action required by the General Assembly, shall be abrogated and
309-of no further force and effect.
300+5–2307. 10
310301
311-Approved by the Governor, May 8, 2023.
302+ THE SECRETARY MAY ADOPT R EGULATIONS TO CARRY OUT THIS SUBTITLE. 11
303+
304+Article – State Finance and Procurement 12
305+
306+6–226. 13
307+
308+ (a) (2) (i) Notwithstanding any other provision of law, and unless 14
309+inconsistent with a federal law, grant agreement, or other federal requirement or with the 15
310+terms of a gift or settlement agreement, net interest on all State money allocated by the 16
311+State Treasurer under this section to special funds or accounts, and otherwise entitled to 17
312+receive interest earnings, as accounted for by the Comptroller, shall accrue to the General 18
313+Fund of the State. 19
314+
315+ (ii) The provisions of subparagraph (i) of this paragraph do not apply 20
316+to the following funds: 21
317+
318+ 170. the Cannabis Public Health Fund; [and] 22
319+
320+ 171. the Community Reinvestment and Repair Fund; AND 23
321+
322+ 172. THE BUILD OUR FUTURE GRANT FUND. 24
323+
324+ SECTION 2. AND BE IT FURTHER ENACTED, That, on termination of this Act, 25
325+all funds remaining in the Build Our Future Grant Fund under § 5–2305 of the Economic 26
326+Development Article, as enacted by Section 1 of this Act, shall revert to the General Fund 27
327+of the State. 28
328+
329+ SECTION 3. AND BE IT FURTHER ENACTED, That this Act shall take effect July 29
330+1, 2023. It shall remain effective for a period of 4 years and, at the end of June 30, 2027, 30 8 HOUSE BILL 552
331+
332+
333+this Act, with no further action required by the General Assembly, shall be abrogated and 1
334+of no further force and effect. 2
335+
336+
337+
338+
339+Approved:
340+________________________________________________________________________________
341+ Governor.
342+________________________________________________________________________________
343+ Speaker of the House of Delegates.
344+________________________________________________________________________________
345+ President of the Senate.