Maryland 2023 Regular Session

Maryland House Bill HB89 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	hb0089
6	6
7	7	HOUSE BILL 89
8	8	P1, Q7 3lr0857
9	9	HB 470/22 – APP (PRE–FILED)
10	10	By: Delegate Acevero
11	11	Requested: November 17, 2022
12	12	Introduced and read first time: January 11, 2023
13	13	Assigned to: Appropriations
14	14
15	15	A BILL ENTITLED
16	16
17	17	AN ACT concerning 1
18	18
19	19	Maryland People’s Fund – Establishment 2
20	20
21	21	FOR the purpose of establishing the Maryland People’s Fund as a special, nonlapsing fund; 3
22	22	requiring interest earnings of the Fund to be credited to the Fund; exempting the 4
23	23	Fund from a certain provision of law requiring interest earnings on State money to 5
24	24	accrue to the General Fund of the State; requiring the Comptroller to distribute a 6
25	25	certain percentage of Maryland estate tax revenue to the Fund; and generally 7
26	26	relating to the Maryland People’s Fund. 8
27	27
28	28	BY repealing and reenacting, without amendments, 9
29	29	Article – State Finance and Procurement 10
30	30	Section 6–226(a)(2)(i) 11
31	31	Annotated Code of Maryland 12
32	32	(2021 Replacement Volume and 2022 Supplement) 13
33	33
34	34	BY repealing and reenacting, with amendments, 14
35	35	Article – State Finance and Procurement 15
36	36	Section 6–226(a)(2)(ii)170. and 171. 16
37	37	Annotated Code of Maryland 17
38	38	(2021 Replacement Volume and 2022 Supplement) 18
39	39
40	40	BY adding to 19
41	41	Article – State Finance and Procurement 20
42	42	Section 6–226(a)(2)(ii)172. 21
43	43	Annotated Code of Maryland 22
44	44	(2021 Replacement Volume and 2022 Supplement) 23
45	45
46	46	BY adding to 24
47	47	Article – State Government 25
48	48	Section 5–108 26 2 HOUSE BILL 89
49	49
50	50
51	51	Annotated Code of Maryland 1
52	52	(2021 Replacement Volume and 2022 Supplement) 2
53	53
54	54	BY repealing and reenacting, with amendments, 3
55	55	Article – Tax – General 4
56	56	Section 2–801 5
57	57	Annotated Code of Maryland 6
58	58	(2022 Replacement Volume) 7
59	59
60	60	SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF MARYLAND, 8
61	61	That the Laws of Maryland read as follows: 9
62	62
63	63	Article – State Finance and Procurement 10
64	64
65	65	6–226. 11
66	66
67	67	(a) (2) (i) Notwithstanding any other provision of law, and unless 12
68	68	inconsistent with a federal law, grant agreement, or other federal requirement or with the 13
69	69	terms of a gift or settlement agreement, net interest on all State money allocated by the 14
70	70	State Treasurer under this section to special funds or accounts, and otherwise entitled to 15
71	71	receive interest earnings, as accounted for by the Comptroller, shall accrue to the General 16
72	72	Fund of the State. 17
73	73
74	74	(ii) The provisions of subparagraph (i) of this paragraph do not apply 18
75	75	to the following funds: 19
76	76
77	77	170. the Cannabis Public Health Fund; [and] 20
78	78
79	79	171. the Community Reinvestment and Repair Fund; AND 21
80	80
81	81	172. THE MARYLAND PEOPLE’S FUND. 22
82	82
83	83	Article – State Government 23
84	84
85	85	5–108. 24
86	86
87	87	(A) IN THIS SECTION, “FUND” MEANS THE MARYLAND PEOPLE’S FUND. 25
88	88
89	89	(B) THERE IS A MARYLAND PEOPLE’S FUND. 26
90	90
91	91	(C) THE STATE TREASURER SHALL ADMIN ISTER THE FUND. 27
92	92
93	93	(D) (1) THE FUND IS A SPECIAL , NONLAPSING FUND THAT IS NOT 28
94	94	SUBJECT TO § 7–302 OF THE STATE FINANCE AND PROCUREMENT ARTICLE. 29
95	95
96	96	(2) THE STATE TREASURER SHALL HOLD THE FUND SEPARATELY , 30 HOUSE BILL 89 3
97	97
98	98
99	99	AND THE COMPTROLLER SHALL ACC OUNT FOR THE FUND. 1
100	100
101	101	(E) THE FUND CONSISTS OF : 2
102	102
103	103	(1) REVENUE DISTRIBUTED TO THE FUND UNDER § 2–801 OF THE TAX 3
104	104	– GENERAL ARTICLE; 4
105	105
106	106	(2) MONEY APPROPRIATED I N THE STATE BUDGET FOR THE FUND; 5
107	107
108	108	(3) INTEREST EARNINGS OF THE FUND; AND 6
109	109
110	110	(4) ANY OTHER MONEY FROM ANY OTHER SOURCE ACC EPTED FOR 7
111	111	THE BENEFIT OF THE FUND. 8
112	112
113	113	(F) THE FUND MAY NOT BE USED FOR ADMINISTRATIVE E XPENSES. 9
114	114
115	115	(G) (1) THE STATE TREASURER SHALL INVES T THE MONEY OF THE FUND 10
116	116	IN THE SAME MANNER A S OTHER STATE MONEY MAY BE IN VESTED. 11
117	117
118	118	(2) ANY INTEREST EARNINGS OF THE FUND SHALL BE CREDITE D TO 12
119	119	THE FUND. 13
120	120
121	121	(H) EXPENDITURES FROM THE FUND MAY BE MADE ONLY IN ACCORDANCE 14
122	122	WITH THE STATE BUDGET. 15
123	123
124	124	Article – Tax – General 16
125	125
126	126	2–801. 17
127	127
128	128	(A) THE COMPTROLLER SHALL DIS TRIBUTE 25% OF THE MARYLAND 18
129	129	ESTATE TAX REVENUE T O THE MARYLAND PEOPLE’S FUND ESTABLISHED UNDE R § 19
130	130	5–108 OF THE STATE GOVERNMENT ARTICLE. 20
131	131
132	132	(B) [The] AFTER MAKING THE DIST RIBUTION REQ UIRED UNDER 21
133	133	SUBSECTION (A) OF THIS SECTION , THE Comptroller shall distribute the REMAINING 22
134	134	Maryland estate tax revenue to the General Fund of the State. 23
135	135
136	136	SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall take effect 24
137	137	January 1, 2024. 25
138	138