EXPLANATION: CAPITALS INDICATE MAT TER ADDED TO EXISTIN G LAW.
[Brackets] indicate matter deleted from existing law.
*hb0089*
HOUSE BILL 89
P1, Q7 3lr0857
HB 470/22 – APP (PRE–FILED)
By: Delegate Acevero
Requested: November 17, 2022
Introduced and read first time: January 11, 2023
Assigned to: Appropriations
A BILL ENTITLED
AN ACT concerning 1
Maryland People’s Fund – Establishment 2
FOR the purpose of establishing the Maryland People’s Fund as a special, nonlapsing fund; 3
requiring interest earnings of the Fund to be credited to the Fund; exempting the 4
Fund from a certain provision of law requiring interest earnings on State money to 5
accrue to the General Fund of the State; requiring the Comptroller to distribute a 6
certain percentage of Maryland estate tax revenue to the Fund; and generally 7
relating to the Maryland People’s Fund. 8
BY repealing and reenacting, without amendments, 9
Article – State Finance and Procurement 10
Section 6–226(a)(2)(i) 11
Annotated Code of Maryland 12
(2021 Replacement Volume and 2022 Supplement) 13
BY repealing and reenacting, with amendments, 14
Article – State Finance and Procurement 15
Section 6–226(a)(2)(ii)170. and 171. 16
Annotated Code of Maryland 17
(2021 Replacement Volume and 2022 Supplement) 18
BY adding to 19
Article – State Finance and Procurement 20
Section 6–226(a)(2)(ii)172. 21
Annotated Code of Maryland 22
(2021 Replacement Volume and 2022 Supplement) 23
BY adding to 24
Article – State Government 25
Section 5–108 26 2 HOUSE BILL 89
Annotated Code of Maryland 1
(2021 Replacement Volume and 2022 Supplement) 2
BY repealing and reenacting, with amendments, 3
Article – Tax – General 4
Section 2–801 5
Annotated Code of Maryland 6
(2022 Replacement Volume) 7
SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF MARYLAND, 8
That the Laws of Maryland read as follows: 9
Article – State Finance and Procurement 10
6–226. 11
(a) (2) (i) Notwithstanding any other provision of law, and unless 12
inconsistent with a federal law, grant agreement, or other federal requirement or with the 13
terms of a gift or settlement agreement, net interest on all State money allocated by the 14
State Treasurer under this section to special funds or accounts, and otherwise entitled to 15
receive interest earnings, as accounted for by the Comptroller, shall accrue to the General 16
Fund of the State. 17
(ii) The provisions of subparagraph (i) of this paragraph do not apply 18
to the following funds: 19
170. the Cannabis Public Health Fund; [and] 20
171. the Community Reinvestment and Repair Fund; AND 21
172. THE MARYLAND PEOPLE’S FUND. 22
Article – State Government 23
5–108. 24
(A) IN THIS SECTION, “FUND” MEANS THE MARYLAND PEOPLE’S FUND. 25
(B) THERE IS A MARYLAND PEOPLE’S FUND. 26
(C) THE STATE TREASURER SHALL ADMIN ISTER THE FUND. 27
(D) (1) THE FUND IS A SPECIAL , NONLAPSING FUND THAT IS NOT 28
SUBJECT TO § 7–302 OF THE STATE FINANCE AND PROCUREMENT ARTICLE. 29
(2) THE STATE TREASURER SHALL HOLD THE FUND SEPARATELY , 30 HOUSE BILL 89 3
AND THE COMPTROLLER SHALL ACC OUNT FOR THE FUND. 1
(E) THE FUND CONSISTS OF : 2
(1) REVENUE DISTRIBUTED TO THE FUND UNDER § 2–801 OF THE TAX 3
– GENERAL ARTICLE; 4
(2) MONEY APPROPRIATED I N THE STATE BUDGET FOR THE FUND; 5
(3) INTEREST EARNINGS OF THE FUND; AND 6
(4) ANY OTHER MONEY FROM ANY OTHER SOURCE ACC EPTED FOR 7
THE BENEFIT OF THE FUND. 8
(F) THE FUND MAY NOT BE USED FOR ADMINISTRATIVE E XPENSES. 9
(G) (1) THE STATE TREASURER SHALL INVES T THE MONEY OF THE FUND 10
IN THE SAME MANNER A S OTHER STATE MONEY MAY BE IN VESTED. 11
(2) ANY INTEREST EARNINGS OF THE FUND SHALL BE CREDITE D TO 12
THE FUND. 13
(H) EXPENDITURES FROM THE FUND MAY BE MADE ONLY IN ACCORDANCE 14
WITH THE STATE BUDGET. 15
Article – Tax – General 16
2–801. 17
(A) THE COMPTROLLER SHALL DIS TRIBUTE 25% OF THE MARYLAND 18
ESTATE TAX REVENUE T O THE MARYLAND PEOPLE’S FUND ESTABLISHED UNDE R § 19
5–108 OF THE STATE GOVERNMENT ARTICLE. 20
(B) [The] AFTER MAKING THE DIST RIBUTION REQ UIRED UNDER 21
SUBSECTION (A) OF THIS SECTION , THE Comptroller shall distribute the REMAINING 22
Maryland estate tax revenue to the General Fund of the State. 23
SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall take effect 24
January 1, 2024. 25