EXPLANATION: CAPITALS INDICATE MAT TER ADDED TO EXISTIN G LAW.
[Brackets] indicate matter deleted from existing law.
*hb0898*
HOUSE BILL 898
P1, Q7 4lr0893
HB 89/23 – APP
By: Delegates Acevero, Ivey, and Martinez
Introduced and read first time: February 2, 2024
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; requiring the 4
Comptroller to distribute a certain percentage of Maryland estate tax revenue to the 5
Fund; and generally relating to the Maryland People’s Fund. 6
BY repealing and reenacting, without amendments, 7
Article – State Finance and Procurement 8
Section 6–226(a)(2)(i) 9
Annotated Code of Maryland 10
(2021 Replacement Volume and 2023 Supplement) 11
BY repealing and reenacting, with amendments, 12
Article – State Finance and Procurement 13
Section 6–226(a)(2)(ii)189. and 190. 14
Annotated Code of Maryland 15
(2021 Replacement Volume and 2023 Supplement) 16
BY adding to 17
Article – State Finance and Procurement 18
Section 6–226(a)(2)(ii)191. 19
Annotated Code of Maryland 20
(2021 Replacement Volume and 2023 Supplement) 21
BY adding to 22
Article – State Government 23
Section 5–108 24
Annotated Code of Maryland 25
(2021 Replacement Volume and 2023 Supplement) 26
2 HOUSE BILL 898
BY repealing and reenacting, with amendments, 1
Article – Tax – General 2
Section 2–801 3
Annotated Code of Maryland 4
(2022 Replacement Volume and 2023 Supplement) 5
SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF MARYLAND, 6
That the Laws of Maryland read as follows: 7
Article – State Finance and Procurement 8
6–226. 9
(a) (2) (i) Notwithstanding any other provision of law, and unless 10
inconsistent with a federal law, grant agreement, or other federal requirement or with the 11
terms of a gift or settlement agreement, net interest on all State money allocated by the 12
State Treasurer under this section to special funds or accounts, and otherwise entitled to 13
receive interest earnings, as accounted for by the Comptroller, shall accrue to the General 14
Fund of the State. 15
(ii) The provisions of subparagraph (i) of this paragraph do not apply 16
to the following funds: 17
189. the Teacher Retention and Development Fund; [and] 18
190. the Protecting Against Hate Crimes Grant Fund; AND 19
191. THE MARYLAND PEOPLE’S FUND. 20
Article – State Government 21
5–108. 22
(A) IN THIS SECTION, “FUND” MEANS THE MARYLAND PEOPLE’S FUND. 23
(B) THERE IS A MARYLAND PEOPLE’S FUND. 24
(C) THE STATE TREASURER SHALL ADMINISTER THE FUND. 25
(D) (1) THE FUND IS A SPECIAL , NONLAPSING FUND THAT IS NOT 26
SUBJECT TO § 7–302 OF THE STATE FINANCE AND PROCUREMENT ARTICLE. 27
(2) THE STATE TREASURER SHALL HOLD THE FUND SEPARATELY , 28
AND THE COMPTROLLER SHALL ACC OUNT FOR THE FUND. 29
HOUSE BILL 898 3
(E) THE FUND CONSISTS OF : 1
(1) REVENUE DISTRIBUTED TO THE FUND UNDER § 2–801 OF THE 2
TAX – GENERAL ARTICLE; 3
(2) MONEY APPROPRIATED I N THE STATE BUDGET FOR THE FUND; 4
(3) INTEREST EARNINGS OF THE FUND; AND 5
(4) ANY OTHER MONEY FROM ANY OTHER SOURCE ACCEPTED FOR 6
THE BENEFIT OF THE FUND. 7
(F) THE FUND MAY NOT BE USED FOR ADMINISTRATIVE E XPENSES. 8
(G) (1) THE STATE TREASURER SHALL INVES T THE MONEY OF THE FUND 9
IN THE SAME MANNER A S OTHER STATE MONEY MAY BE IN VESTED. 10
(2) ANY INTEREST EARNINGS OF THE FUND SHALL BE CREDITE D TO 11
THE FUND. 12
(H) EXPENDITURES FROM THE FUND MAY BE MADE ONLY IN ACCORDANCE 13
WITH THE STATE BUDGET . 14
Article – Tax – General 15
2–801. 16
(A) THE COMPTROLLER SHALL DIS TRIBUTE 25% OF THE MARYLAND 17
ESTATE TAX REVENUE T O THE MARYLAND PEOPLE’S FUND ESTABLISHED UNDE R § 18
5–108 OF THE STATE GOVERNMENT ARTICLE. 19
(B) [The] AFTER MAKING THE DIST RIBUTION REQUIRED UN DER 20
SUBSECTION (A) OF THIS SECTION , THE Comptroller shall distribute the REMAINING 21
Maryland estate tax revenue to the General Fund of the State. 22
SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall take effect 23
January 1, 2025. 24