Maryland 2024 Regular Session

Maryland House Bill HB898 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	hb0898
6	6
7	7	HOUSE BILL 898
8	8	P1, Q7 4lr0893
9	9	HB 89/23 – APP
10	10	By: Delegates Acevero, Ivey, and Martinez
11	11	Introduced and read first time: February 2, 2024
12	12	Assigned to: Appropriations
13	13
14	14	A BILL ENTITLED
15	15
16	16	AN ACT concerning 1
17	17
18	18	Maryland People’s Fund – Establishment 2
19	19
20	20	FOR the purpose of establishing the Maryland People’s Fund as a special, nonlapsing fund; 3
21	21	requiring interest earnings of the Fund to be credited to the Fund; requiring the 4
22	22	Comptroller to distribute a certain percentage of Maryland estate tax revenue to the 5
23	23	Fund; and generally relating to the Maryland People’s Fund. 6
24	24
25	25	BY repealing and reenacting, without amendments, 7
26	26	Article – State Finance and Procurement 8
27	27	Section 6–226(a)(2)(i) 9
28	28	Annotated Code of Maryland 10
29	29	(2021 Replacement Volume and 2023 Supplement) 11
30	30
31	31	BY repealing and reenacting, with amendments, 12
32	32	Article – State Finance and Procurement 13
33	33	Section 6–226(a)(2)(ii)189. and 190. 14
34	34	Annotated Code of Maryland 15
35	35	(2021 Replacement Volume and 2023 Supplement) 16
36	36
37	37	BY adding to 17
38	38	Article – State Finance and Procurement 18
39	39	Section 6–226(a)(2)(ii)191. 19
40	40	Annotated Code of Maryland 20
41	41	(2021 Replacement Volume and 2023 Supplement) 21
42	42
43	43	BY adding to 22
44	44	Article – State Government 23
45	45	Section 5–108 24
46	46	Annotated Code of Maryland 25
47	47	(2021 Replacement Volume and 2023 Supplement) 26
48	48	2 HOUSE BILL 898
49	49
50	50
51	51	BY repealing and reenacting, with amendments, 1
52	52	Article – Tax – General 2
53	53	Section 2–801 3
54	54	Annotated Code of Maryland 4
55	55	(2022 Replacement Volume and 2023 Supplement) 5
56	56
57	57	SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF MARYLAND, 6
58	58	That the Laws of Maryland read as follows: 7
59	59
60	60	Article – State Finance and Procurement 8
61	61
62	62	6–226. 9
63	63
64	64	(a) (2) (i) Notwithstanding any other provision of law, and unless 10
65	65	inconsistent with a federal law, grant agreement, or other federal requirement or with the 11
66	66	terms of a gift or settlement agreement, net interest on all State money allocated by the 12
67	67	State Treasurer under this section to special funds or accounts, and otherwise entitled to 13
68	68	receive interest earnings, as accounted for by the Comptroller, shall accrue to the General 14
69	69	Fund of the State. 15
70	70
71	71	(ii) The provisions of subparagraph (i) of this paragraph do not apply 16
72	72	to the following funds: 17
73	73
74	74	189. the Teacher Retention and Development Fund; [and] 18
75	75
76	76	190. the Protecting Against Hate Crimes Grant Fund; AND 19
77	77
78	78	191. THE MARYLAND PEOPLE’S FUND. 20
79	79
80	80	Article – State Government 21
81	81
82	82	5–108. 22
83	83
84	84	(A) IN THIS SECTION, “FUND” MEANS THE MARYLAND PEOPLE’S FUND. 23
85	85
86	86	(B) THERE IS A MARYLAND PEOPLE’S FUND. 24
87	87
88	88	(C) THE STATE TREASURER SHALL ADMINISTER THE FUND. 25
89	89
90	90	(D) (1) THE FUND IS A SPECIAL , NONLAPSING FUND THAT IS NOT 26
91	91	SUBJECT TO § 7–302 OF THE STATE FINANCE AND PROCUREMENT ARTICLE. 27
92	92
93	93	(2) THE STATE TREASURER SHALL HOLD THE FUND SEPARATELY , 28
94	94	AND THE COMPTROLLER SHALL ACC OUNT FOR THE FUND. 29
95	95	HOUSE BILL 898 3
96	96
97	97
98	98	(E) THE FUND CONSISTS OF : 1
99	99
100	100	(1) REVENUE DISTRIBUTED TO THE FUND UNDER § 2–801 OF THE 2
101	101	TAX – GENERAL ARTICLE; 3
102	102
103	103	(2) MONEY APPROPRIATED I N THE STATE BUDGET FOR THE FUND; 4
104	104
105	105	(3) INTEREST EARNINGS OF THE FUND; AND 5
106	106
107	107	(4) ANY OTHER MONEY FROM ANY OTHER SOURCE ACCEPTED FOR 6
108	108	THE BENEFIT OF THE FUND. 7
109	109
110	110	(F) THE FUND MAY NOT BE USED FOR ADMINISTRATIVE E XPENSES. 8
111	111
112	112	(G) (1) THE STATE TREASURER SHALL INVES T THE MONEY OF THE FUND 9
113	113	IN THE SAME MANNER A S OTHER STATE MONEY MAY BE IN VESTED. 10
114	114
115	115	(2) ANY INTEREST EARNINGS OF THE FUND SHALL BE CREDITE D TO 11
116	116	THE FUND. 12
117	117
118	118	(H) EXPENDITURES FROM THE FUND MAY BE MADE ONLY IN ACCORDANCE 13
119	119	WITH THE STATE BUDGET . 14
120	120
121	121	Article – Tax – General 15
122	122
123	123	2–801. 16
124	124
125	125	(A) THE COMPTROLLER SHALL DIS TRIBUTE 25% OF THE MARYLAND 17
126	126	ESTATE TAX REVENUE T O THE MARYLAND PEOPLE’S FUND ESTABLISHED UNDE R § 18
127	127	5–108 OF THE STATE GOVERNMENT ARTICLE. 19
128	128
129	129	(B) [The] AFTER MAKING THE DIST RIBUTION REQUIRED UN DER 20
130	130	SUBSECTION (A) OF THIS SECTION , THE Comptroller shall distribute the REMAINING 21
131	131	Maryland estate tax revenue to the General Fund of the State. 22
132	132
133	133	SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall take effect 23
134	134	January 1, 2025. 24
135	135