MD
Maryland Senate Bill SB960

Maryland 2024 Regular Session

Maryland Senate Bill SB960 Compare Versions

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1- WES MOORE, Governor Ch. 474
21
3-– 1 –
4-Chapter 474
5-(Senate Bill 960)
62
7-AN ACT concerning
3+EXPLANATION: CAPITALS INDICATE MATTER ADDED TO EXIS TING 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+ *sb0960*
89
9-Maryland Clean Energy Center – Climate Technology Founder’s Fund
10+SENATE BILL 960
11+C8 4lr3162
12+SB 900/23 – B&T CF HB 1220
13+By: Senator Feldman
14+Introduced and read first time: February 2, 2024
15+Assigned to: Budget and Taxation
16+Committee Report: Favorable with amendments
17+Senate action: Adopted
18+Read second time: February 29, 2024
1019
11-FOR the purpose of establishing the Climate Technology Founder’s Fund in the Maryland
12-Clean Energy Center; requiring interest earnings of the Climate Technology
13-Founder’s Fund to be credited to the Climate Technology Founder’s Fund; requiring
14-the Maryland Energy Administration to use the Maryland Strategic Ene rgy
15-Investment Fund to provide a certain amount of funding in certain fiscal years to the
16-Climate Technology Founder’s Fund; authorizing the Governor to transfer, on or
17-before a certain date, up to a certain amount of the funds in the Small, Minority, and
18-Women–Owned Businesses Account to the Climate Technology Founder’s Fund; and
19-generally relating to the Climate Technology Founder’s Fund within the Maryland
20-Clean Energy Center.
20+CHAPTER ______
2121
22-BY renumbering
23- Article – Economic Development
24-Section 10–858 and the part “Part VI. Short Title”
25-to be Section 10–862 and the part “Part VII. Short Title”
26- Annotated Code of Maryland
27- (2018 Replacement Volume and 2023 Supplement)
22+AN ACT concerning 1
2823
29-BY repealing and reenacting, without amendments,
30- Article – Economic Development
31-Section 5–1501(a) and 10–801(a), (d), and (f)
32- Annotated Code of Maryland
33- (2018 Replacement Volume and 2023 Supplement)
24+Maryland Clean Energy Center – Climate Technology Founder’s Fund 2
3425
35-BY repealing and reenacting, with amendments,
36- Article – Economic Development
37-Section 5–1501(b)(1)
38- Annotated Code of Maryland
39- (2018 Replacement Volume and 2023 Supplement)
26+FOR the purpose of establishing the Climate Technology Founder’s Fund in the Maryland 3
27+Clean Energy Center; requiring interest earnings of the Climate Technology 4
28+Founder’s Fund to be credited to the Climate Technology Founder’s Fund; requiring 5
29+the Maryland Energy Administration to use the Maryland S trategic Energy 6
30+Investment Fund to provide a certain amount of funding in certain fiscal years to the 7
31+Climate Technology Founder’s Fund; authorizing the Governor to transfer, on or 8
32+before a certain date, up to a certain amount of the funds in the Small, Minority, and 9
33+Women–Owned Businesses Account to the Climate Technology Founder’s Fund; and 10
34+generally relating to the Climate Technology Founder’s Fund within the Maryland 11
35+Clean Energy Center. 12
4036
41-BY adding to
42- Article – Economic Development
43-Section 10–858 and 10–859 to be under the new part “Part VI. Climate Technology
44-Founder’s Fund”
45- Annotated Code of Maryland
46- (2018 Replacement Volume and 2023 Supplement)
37+BY renumbering 13
38+ Article – Economic Development 14
39+Section 10–858 and the part “Part VI. Short Title” 15
40+to be Section 10–862 and the part “Part VII. Short Title” 16
41+ Annotated Code of Maryland 17
42+ (2018 Replacement Volume and 2023 Supplement) 18
4743
48-BY repealing and reenacting, without amendments,
49- Article – State Finance and Procurement Ch. 474 2024 LAWS OF MARYLAND
44+BY repealing and reenacting, without amendments, 19
45+ Article – Economic Development 20
46+Section 5–1501(a) and 10–801(a), (d), and (f) 21
47+ Annotated Code of Maryland 22
48+ (2018 Replacement Volume and 2023 Supplement) 23 2 SENATE BILL 960
5049
51-– 2 –
52- Section 6–226(a)(2)(i)
53- Annotated Code of Maryland
54- (2021 Replacement Volume and 2023 Supplement)
5550
56-BY repealing and reenacting, with amendments,
57- Article – State Finance and Procurement
58- Section 6–226(a)(2)(ii)189. and 190.
59- Annotated Code of Maryland
60- (2021 Replacement Volume and 2023 Supplement)
6151
62-BY adding to
63- Article – State Finance and Procurement
64- Section 6–226(a)(2)(ii)191.
65- Annotated Code of Maryland
66- (2021 Replacement Volume and 2023 Supplement)
52+BY repealing and reenacting, with amendments, 1
53+ Article – Economic Development 2
54+Section 5–1501(b)(1) 3
55+ Annotated Code of Maryland 4
56+ (2018 Replacement Volume and 2023 Supplement) 5
6757
68-BY repealing
69- Article – State Government
70- Section 9–20B–05(f)(9) and (f–1) and (10), (f–2), and (f–3)
71- Annotated Code of Maryland
72- (2021 Replacement Volume and 2023 Supplement)
58+BY adding to 6
59+ Article – Economic Development 7
60+Section 10–858 and 10–859 to be under the new part “Part VI. Climate Technology 8
61+Founder’s Fund” 9
62+ Annotated Code of Maryland 10
63+ (2018 Replacement Volume and 2023 Supplement) 11
7364
74-BY adding to
75- Article – State Government
76- Section 9–20B–05(f)(9)
77- Annotated Code of Maryland
78- (2021 Replacement Volume and 2023 Supplement)
65+BY repealing and reenacting, without amendments, 12
66+ Article – State Finance and Procurement 13
67+ Section 6–226(a)(2)(i) 14
68+ Annotated Code of Maryland 15
69+ (2021 Replacement Volume and 2023 Supplement) 16
7970
80-BY repealing and reenacting, with amendments,
81- Article – State Government
82-Section 9–20B–05(f)(10) and (11), (f–2), (f–3), and (f–4) Section 9–20B–05(f)(11),
83-(f–1), and (f–4)
84- Annotated Code of Maryland
85- (2021 Replacement Volume and 2023 Supplement)
71+BY repealing and reenacting, with amendments, 17
72+ Article – State Finance and Procurement 18
73+ Section 6–226(a)(2)(ii)189. and 190. 19
74+ Annotated Code of Maryland 20
75+ (2021 Replacement Volume and 2023 Supplement) 21
8676
87- SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF MARYLAND,
88-That Section(s) 10–858 and the part “Part VI. Short Title” of Article – Economic
89-Development of the Annotated Code of Maryland be renumbered to be Section(s) 10–862
90-and the part “Part VII. Short Title”.
77+BY adding to 22
78+ Article – State Finance and Procurement 23
79+ Section 6–226(a)(2)(ii)191. 24
80+ Annotated Code of Maryland 25
81+ (2021 Replacement Volume and 2023 Supplement) 26
9182
92- SECTION 2. AND BE IT FURTHER ENACTED, That the Laws of Maryland read
93-as follows:
83+BY repealing 27
84+ Article – State Government 28
85+ Section 9–20B–05(f)(9) and (f–1) and (10), (f–2), and (f–3) 29
86+ Annotated Code of Maryland 30
87+ (2021 Replacement Volume and 2023 Supplement) 31
9488
95-Article – Economic Development
89+BY adding to 32
90+ Article – State Government 33
91+ Section 9–20B–05(f)(9) 34
92+ Annotated Code of Maryland 35
93+ (2021 Replacement Volume and 2023 Supplement) 36
9694
97-5–1501. WES MOORE, Governor Ch. 474
95+BY repealing and reenacting, with amendments, 37
96+ Article – State Government 38 SENATE BILL 960 3
9897
99-– 3 –
10098
101- (a) There is a Small, Minority, and Women–Owned Businesses Account under the
102-authority of the Department.
99+Section 9–20B–05(f)(10) and (11), (f–2), (f–3), and (f–4) Section 9–20B–05(f)(11), 1
100+(f–1), and (f–4) 2
101+ Annotated Code of Maryland 3
102+ (2021 Replacement Volume and 2023 Supplement) 4
103103
104- (b) (1) [(i)] The Account shall receive money as required under § 9–1A–27 of
105-the State Government Article.
104+ SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF MARYLAND, 5
105+That Section(s) 10–858 and the part “Part VI. Short Title” of Article – Economic 6
106+Development of the Annotated Code of Maryland be renumbered to be Section(s) 10–862 7
107+and the part “Part VII. Short Title”. 8
106108
107- [(ii) The Account shall receive money from the Strategic Energy
108-Investment Fund as required under § 9–20B–05 of the State Government Article.]
109+ SECTION 2. AND BE IT FURTHER ENACTED, That the Laws of Maryland read 9
110+as follows: 10
109111
110-10–801.
112+Article – Economic Development 11
111113
112- (a) In this subtitle the following words have the meanings indicated.
114+5–1501. 12
113115
114- (d) “Board” means the Board of Directors of the Center.
116+ (a) There is a Small, Minority, and Women–Owned Businesses Account under the 13
117+authority of the Department. 14
115118
116- (f) “Center” means the Maryland Clean Energy Center.
119+ (b) (1) [(i)] The Account shall receive money as required under § 9–1A–27 of 15
120+the State Government Article. 16
117121
118-PART VI. CLIMATE TECHNOLOGY FOUNDER’S FUND.
122+ [(ii) The Account shall receive money from the Strategic Energy 17
123+Investment Fund as required under § 9–20B–05 of the State Government Article.] 18
119124
120-10–858.
125+10–801. 19
121126
122- (A) IN THIS PART THE FOLL OWING WORDS HAVE THE MEANINGS
123-INDICATED.
127+ (a) In this subtitle the following words have the meanings indicated. 20
124128
125- (B) “CLIMATE TECHNOLOGY ” INCLUDES:
129+ (d) “Board” means the Board of Directors of the Center. 21
126130
127- (1) SOLAR ENERGY ;
131+ (f) “Center” means the Maryland Clean Energy Center. 22
128132
129- (2) WIND ENERGY ;
133+PART VI. CLIMATE TECHNOLOGY FOUNDER’S FUND. 23
130134
131- (3) ENERGY STORAGE DEVIC ES;
135+10–858. 24
132136
133- (4) GRID MODERNIZATION ;
137+ (A) IN THIS PART THE FOLL OWING WORDS HAVE THE MEANINGS 25
138+INDICATED. 26
134139
135- (5) CARBON CAPTURE UTILI ZATION AND STORAGE ; AND
140+ (B) “CLIMATE TECHNOLOGY ” INCLUDES: 27
136141
137- (6) ANY OTHER TECHNOLOGY DEFINED BY THE CENTER THAT:
142+ (1) SOLAR ENERGY ; 28
138143
139- (I) REDUCES GREENHOUSE G AS EMISSIONS;
144+ (2) WIND ENERGY ; 29 4 SENATE BILL 960
140145
141- (II) MITIGATES THE IMPACT S OF CLIMATE CHANGE ; OR
142146
143- (III) PROVIDES A NEGATIVE EMISSION BENEFIT IN THE
144-ELECTRIC, OIL, OR GAS SECTOR . Ch. 474 2024 LAWS OF MARYLAND
145147
146-– 4 –
148+ (3) ENERGY STORAGE DEVIC ES; 1
147149
148- (C) “FUND” MEANS THE CLIMATE TECHNOLOGY FOUNDER’S FUND.
150+ (4) GRID MODERNIZATION ; 2
149151
150- (D) “QUALIFIED PROJECT ” MEANS A PROJECT RELA TED TO CLIMATE
151-TECHNOLOGY .
152+ (5) CARBON CAPTURE UTILI ZATION AND STORAGE ; AND 3
152153
153-10–859.
154+ (6) ANY OTHER TECHNOLOGY DEFINED BY THE CENTER THAT: 4
154155
155- (A) THERE IS A CLIMATE TECHNOLOGY FOUNDER’S FUND.
156+ (I) REDUCES GREENHOUSE G AS EMISSIONS; 5
156157
157- (B) THE PURPOSE OF THE FUND IS TO PROVIDE EA RLY–STAGE FUNDING
158-FOR START–UP COMPANIES FOCUSED ON QUALIFIED PROJECT S IN CLIMATE
159-TECHNOLOGIES .
158+ (II) MITIGATES THE IMPACT S OF CLIMATE CHANGE ; OR 6
160159
161- (C) (1) THE CENTER SHALL ADMINIST ER THE FUND.
160+ (III) PROVIDES A NEGATIVE EMISSION BENEFIT IN THE 7
161+ELECTRIC, OIL, OR GAS SECTOR . 8
162162
163- (2) THE CENTER SHALL ESTABLIS H A FUND OVERSIGHT
164-COMMITTEE, APPOINTED BY T HE BOARD, TO MANAGE THE FUND.
163+ (C) “FUND” MEANS THE CLIMATE TECHNOLOGY FOUNDER’S FUND. 9
165164
166- (D) THE FUND CONSISTS OF :
165+ (D) “QUALIFIED PROJECT ” MEANS A PROJECT RELA TED TO CLIMATE 10
166+TECHNOLOGY . 11
167167
168- (1) MONEY APPROPRIATED I N THE STATE BUDGET TO THE FUND;
168+10–859. 12
169169
170- (2) MONEY MADE AVAILABLE TO THE FUND THROUGH PRIVATE
171-CONTRIBUTIONS AND FE DERAL GRANTS OR PROG RAMS;
170+ (A) THERE IS A CLIMATE TECHNOLOGY FOUNDER’S FUND. 13
172171
173- (3) PROCEEDS FROM THE SA LE, DISPOSITION, LEASE, OR RENTAL OF
174-COLLATERAL RELATED T O FINANCING MADE FRO M THE FUND;
172+ (B) THE PURPOSE OF THE FUND IS TO PROVIDE EA RLY–STAGE FUNDING 14
173+FOR START–UP COMPANIES FOCUSED ON QUALIFIED PROJECT S IN CLIMATE 15
174+TECHNOLOGIES . 16
175175
176- (4) REPAYMENT OF FINANCI NG MADE FROM THE FUND;
176+ (C) (1) THE CENTER SHALL ADMINIST ER THE FUND. 17
177177
178- (5) RETURNS FROM OR RECO VERY OF ANY FINANCIN G MADE FROM
179-THE FUND;
178+ (2) THE CENTER SHALL ESTABLIS H A FUND OVERSIGHT 18
179+COMMITTEE, APPOINTED BY THE BOARD, TO MANAGE THE FUND. 19
180180
181- (6) PROCEEDS FROM THE SA LE OF ANY FINANCING MADE OR ASSETS
182-ACQUIRED WITH PROCEE DS FROM THE FUND;
181+ (D) THE FUND CONSISTS OF : 20
183182
184- (7) MONEY TRANSFERRED FR OM THE MARYLAND STRATEGIC
185-ENERGY INVESTMENT FUND UNDER § 9–20B–05 OF THE STATE GOVERNMENT
186-ARTICLE;
183+ (1) MONEY APPROPRIATED I N THE STATE BUDGET TO THE FUND; 21
187184
188- (8) INTEREST EARNINGS ON MONEY IN THE FUND; AND
189- WES MOORE, Governor Ch. 474
185+ (2) MONEY MADE AVAILABLE TO THE FUND THROUGH PRIVATE 22
186+CONTRIBUTIONS AND FE DERAL GRANTS OR PROG RAMS; 23
190187
191-– 5 –
192- (9) ANY OTHER MONEY FROM ANY OTHER SOURCE ACCEPTE D FOR
193-THE BENEFIT OF THE FUND.
188+ (3) PROCEEDS FROM THE SA LE, DISPOSITION, LEASE, OR RENTAL OF 24
189+COLLATERAL RELATED T O FINANCING MADE FRO M THE FUND; 25
194190
195- (E) (1) THE FUND MAY BE USED ONLY TO:
191+ (4) REPAYMENT OF FINANCI NG MADE FROM THE FUND; 26 SENATE BILL 960 5
196192
197- (I) EVALUATE AND COORDIN ATE FINANCING FOR QU ALIFIED
198-PROJECTS RELATED TO THE PURPOSE OF THE FUND;
199193
200- (II) PROVIDE FINANCING TO QUALIFIED PROJECTS ;
201194
202- (III) SECURE PRIVATE INVESTME NT CAPITAL FOR FINAN CING OF
203-QUALIFIED PROJECTS ; AND
195+ (5) RETURNS FROM OR RECO VERY OF ANY FINANCIN G MADE FROM 1
196+THE FUND; 2
204197
205- (IV) SUBJECT TO PARAGRAPH (2) OF THIS SUBSECTION ,
206-ADMINISTER THE FUND AND THE ACTIVITI ES OF THE CENTER IN CARRYING OU T
207-THIS PART.
198+ (6) PROCEEDS FROM THE SA LE OF ANY FINANCING M ADE OR ASSETS 3
199+ACQUIRED WITH PROCEE DS FROM THE FUND; 4
208200
209- (2) NOT MORE THAN 10% OF THE FUND BALANCE MAY B E USED FOR
210-ADMINISTRATIVE PURPO SES MONEY IN THE FUND MAY BE ALLOCATED AS
211-FOLLOWS:
201+ (7) MONEY TRANSFERRED FR OM THE MARYLAND STRATEGIC 5
202+ENERGY INVESTMENT FUND UNDER § 9–20B–05 OF THE STATE GOVERNMENT 6
203+ARTICLE; 7
212204
213- (I) UP TO $1,720,000 FOR DIRECT INVESTMEN TS OF THE FUND;
205+ (8) INTEREST EARNINGS ON MONEY IN THE FUND; AND 8
214206
215- (II) UP TO $3,280,000 FOR THE MARYLAND CLEAN ENERGY
216-CENTER AND THE MARYLAND ENERGY INNOVATION ACCELERATOR TECH SUPPORT
217-PROGRAMS; AND
207+ (9) ANY OTHER MONEY FROM ANY OTHER SOURCE ACC EPTED FOR 9
208+THE BENEFIT OF THE FUND. 10
218209
219- (III) UP TO $2,000,000 FOR MARYLAND ENERGY INNOVATION
220-INSTITUTE SEED GRANTS .
210+ (E) (1) THE FUND MAY BE USED ONLY TO: 11
221211
222- (F) (1) IN SUBJECT TO PARAGRAPHS (2) AND (3) OF THIS SUBSECTION , IN
223-DETERMINING THE QUAL IFIED PROJECTS TO RE CEIVE FINANCING INVESTMENT
224-FROM THE FUND, THE DEPARTMENT CENTER SHALL GIVE PREFERENC E TO
225-COMPANIES THAT ARE S MALL, MINORITY, WOMEN–OWNED, AND VETERAN –OWNED
226-BUSINESSES IN THE CL EAN ENERGY INDUSTRY .
212+ (I) EVALUATE AND COORDIN ATE FINANCING FOR QU ALIFIED 12
213+PROJECTS RELATED TO THE PURPOSE OF THE FUND; 13
227214
228- (2) AT LEAST 40% OF THE FUNDS AWARDED BY THE CENTER SHALL
229-BE USED FOR EQUITY I NVESTMENTS IN MINORITY , WOMEN–OWNED, AND
230-VETERAN–OWNED BUSINESSES STA RT–UP COMPANIES .
215+ (II) PROVIDE FINANCING TO QUALIFIED PROJECTS; 14
231216
232- (3) FORTY PERCENT OF THE FUNDING FROM THE CENTER’S OVERALL
233-APPROPRIATION THAT I S ALLOCATED FOR MARYLAND ENERGY INNOVATION
234-INSTITUTE SEED GRANTS SHALL BE USED TO PRO VIDE GRANTS FOR START –UP
235-COMPANIES FROM MINOR ITY SERVING INSTITUT IONS. Ch. 474 2024 LAWS OF MARYLAND
217+ (III) SECURE PRIVATE INVES TMENT CAPITAL FOR FI NANCING OF 15
218+QUALIFIED PROJECTS ; AND 16
236219
237-– 6 –
220+ (IV) SUBJECT TO PARAGRAPH (2) OF THIS SUBSECTION , 17
221+ADMINISTER THE FUND AND THE ACTIVITI ES OF THE CENTER IN CARRYING OU T 18
222+THIS PART. 19
238223
239- (G) (1) EXPENDITURES FROM THE FUND MAY BE MADE ONLY WITH
240-APPROVAL OF THE FUND OVERSIGHT COMMITTEE.
224+ (2) NOT MORE THAN 10% OF THE FUND BALANCE MAY BE U SED FOR 20
225+ADMINISTRATIVE PURPO SES MONEY IN THE FUND MAY BE ALLOCATED AS 21
226+FOLLOWS: 22
241227
242- (2) A RECIPIENT OF FINANCI AL ASSISTANCE UNDER THIS SECTION
243-SHALL PROVIDE MATCHI NG FUNDS FOR THE QUA LIFIED PROJECT EQUAL TO THE
244-AMOUNT OF FINANCIAL ASSISTANCE AWARDED F ROM THE FUND BY THE CENTER.
228+ (I) UP TO $1,720,000 FOR DIRECT INVESTMEN TS OF THE FUND; 23
245229
246- (H) ON OR BEFORE OCTOBER 1 EACH YEAR, THE CENTER SHALL REPORT
247-TO THE GOVERNOR AND , IN ACCORDANCE WITH § 2–1257 OF THE STATE
248-GOVERNMENT ARTICLE, THE GENERAL ASSEMBLY ON THE USE O F THE FUND AND
249-OUTCOMES OF INVESTME NTS MADE FROM THE FUND.
230+ (II) UP TO $3,280,000 FOR THE MARYLAND CLEAN ENERGY 24
231+CENTER AND THE MARYLAND ENERGY INNOVATION ACCELERATOR TECH SUPP ORT 25
232+PROGRAMS; AND 26
250233
251-10–860. RESERVED.
234+ (III) UP TO $2,000,000 FOR MARYLAND ENERGY INNOVATION 27
235+INSTITUTE SEED GRANTS . 28
236+ 6 SENATE BILL 960
252237
253-10–861. RESERVED.
254238
255-Article – State Finance and Procurement
239+ (F) (1) IN SUBJECT TO PARAGRAPHS (2) AND (3) OF THIS SUBSECTION , IN 1
240+DETERMINING THE QUAL IFIED PROJECTS TO RE CEIVE FINANCING INVESTMENT 2
241+FROM THE FUND, THE DEPARTMENT CENTER SHALL GIVE PREFERENC E TO 3
242+COMPANIES THAT ARE S MALL, MINORITY, WOMEN–OWNED, AND VETERAN –OWNED 4
243+BUSINESSES IN THE CL EAN ENERGY INDUSTRY . 5
256244
257-6–226.
245+ (2) AT LEAST 40% OF THE FUNDS AWARDED BY THE CENTER SHALL 6
246+BE USED FOR E QUITY INVESTMENTS IN MINORITY, WOMEN–OWNED, AND 7
247+VETERAN–OWNED BUSINESSES STA RT–UP COMPANIES . 8
258248
259- (a) (2) (i) Notwithstanding any other provision of law, and unless
260-inconsistent with a federal law, grant agreement, or other federal requirement or with the
261-terms of a gift or settlement agreement, net interest on all State money allocated by the
262-State Treasurer under this section to special funds or accounts, and otherwise entitled to
263-receive interest earnings, as accounted for by the Comptroller, shall accrue to the General
264-Fund of the State.
249+ (3) FORTY PERCENT OF THE FUNDING FROM THE CENTER’S OVERALL 9
250+APPROPRIATION THAT I S ALLOCATED FOR MARYLAND ENERGY INNOVATION 10
251+INSTITUTE SEED GRANTS SHALL BE USED T O PROVIDE GRANTS FOR START–UP 11
252+COMPANIES FROM MINOR ITY SERVING INSTITUT IONS. 12
265253
266- (ii) The provisions of subparagraph (i) of this paragraph do not apply
267-to the following funds:
254+ (G) (1) EXPENDITURES FROM THE FUND MAY BE MADE ONLY WITH 13
255+APPROVAL OF THE FUND OVERSIGHT COMMITTEE. 14
268256
269- 189. the Teacher Retention and Development Fund; [and]
257+ (2) A RECIPIENT OF FINANCI AL ASSISTANCE UNDER THIS SECTION 15
258+SHALL PROVIDE MATCHI NG FUNDS FOR THE QUA LIFIED PROJECT EQUAL TO THE 16
259+AMOUNT OF FINANCIAL ASSISTANCE AWARDED F ROM THE FUND BY THE CENTER. 17
270260
271- 190. the Protecting Against Hate Crimes Grant Fund; AND
261+ (H) ON OR BEFORE OCTOBER 1 EACH YEAR, THE CENTER SHALL REPORT 18
262+TO THE GOVERNOR AND , IN ACCORDANCE WITH § 2–1257 OF THE STATE 19
263+GOVERNMENT ARTICLE, THE GENERAL ASSEMBLY ON THE USE O F THE FUND AND 20
264+OUTCOMES OF INVESTME NTS MADE FROM THE FUND. 21
272265
273- 191. THE CLIMATE TECHNOLOGY FOUNDER’S FUND.
266+10–860. RESERVED. 22
274267
275-Article – State Government
268+10–861. RESERVED. 23
276269
277-9–20B–05.
270+Article – State Finance and Procurement 24
278271
279- (f) The Administration shall use the Fund:
272+6–226. 25
280273
281- [(9) subject to subsections (f–1) and (f–3) of this section, to provide
282-$7,000,000 in funding for access to capital for small, minority, women–owned, and WES MOORE, Governor Ch. 474
274+ (a) (2) (i) Notwithstanding any other provision of law, and unless 26
275+inconsistent with a federal law, grant agreement, or other federal requirement or with the 27
276+terms of a gift or settlement agreement, net interest on all State money allocated by the 28
277+State Treasurer under this section to special funds or accounts, and otherwise entitled to 29
278+receive interest earnings, as accounted for by the Comptroller, shall accrue to the General 30
279+Fund of the State. 31
283280
284-– 7 –
285-veteran–owned businesses in the clean energy industry under § 5–1501 of the Economic
286-Development Article, allocated in annual increments as follows:
281+ (ii) The provisions of subparagraph (i) of this paragraph do not apply 32
282+to the following funds: 33
283+ SENATE BILL 960 7
287284
288- (i) $200,000 in fiscal year 2021;
289285
290- (ii) $500,000 in fiscal year 2022;
286+ 189. the Teacher Retention and Development Fund; [and] 1
291287
292- (iii) $500,000 in fiscal year 2023;
288+ 190. the Protecting Against Hate Crimes Grant Fund; AND 2
293289
294- (iv) $1,000,000 in fiscal year 2024; and
290+ 191. THE CLIMATE TECHNOLOGY FOUNDER’S FUND. 3
295291
296- (v) $1,200,000 in each fiscal year from 2025 through 2028;]
292+Article – State Government 4
297293
298- (9) TO PROVIDE AT LEAST $1,200,000 IN EACH FISCAL YEAR FOR
299-FISCAL YEAR 2025 THROUGH FISCAL YEAR 2028 TO THE CLIMATE TECHNOLOGY
300-FOUNDER’S FUND ESTABLISHED UNDE R § 10–858 OF THE ECONOMIC
301-DEVELOPMENT ARTICLE;
294+9–20B–05. 5
302295
303- (10) subject to subsections [(f–2) and (f–3)] (F–1) AND (F–2) of this section,
304-to invest in pre–apprenticeship, youth apprenticeship, and registered apprenticeship
305-programs to establish career paths in the clean energy industry under § 11–708.1 of the
306-Labor and Employment Article, as follows:
296+ (f) The Administration shall use the Fund: 6
307297
308- (i) $1,250,000 for grants to pre–apprenticeship jobs training
309-programs under § 11–708.1(c)(3) of the Labor and Employment Article starting in fiscal
310-year 2021 until all amounts are spent;
298+ [(9) subject to subsections (f–1) and (f–3) of this section, to provide 7
299+$7,000,000 in funding for access to capital for small, minority, women–owned, and 8
300+veteran–owned businesses in the clean energy industry under § 5–1501 of the Economic 9
301+Development Article, allocated in annual increments as follows: 10
311302
312- (ii) $6,000,000 for grants to youth apprenticeship jobs training
313-programs and registered apprenticeship jobs training programs under § 11–708.1(c)(5) of
314-the Labor and Employment Article starting in fiscal year 2021 until all amounts are spent;
315-and
303+ (i) $200,000 in fiscal year 2021; 11
316304
317- (iii) $750,000 for the recruitment of individuals, including veterans
318-and formerly incarcerated individuals, to the pre–apprenticeship jobs training programs
319-and the registered apprenticeship jobs training programs under § 11–708.1 of the Labor
320-and Employment Article starting in fiscal year 2021 until all amounts are spent;
305+ (ii) $500,000 in fiscal year 2022; 12
321306
322- (11) (10) subject to subsection [(f–4)] (F–3) (F–2) of this section, to provide at
323-least $2,100,000 in funding each fiscal year to the Maryland Energy Innovation Fund
324-established under § 10–835 of the Economic Development Article;
307+ (iii) $500,000 in fiscal year 2023; 13
325308
326- [(f–1) (1) Any funding provided under subsection (f)(9) of this section that is not
327-spent in a given fiscal year shall revert to the Fund in the following fiscal year.
309+ (iv) $1,000,000 in fiscal year 2024; and 14
328310
329- (2) Funding that is provided for access to capital for small, minority,
330-women–owned, and veteran–owned businesses under subsection (f)(9) of this section shall Ch. 474 2024 LAWS OF MARYLAND
311+ (v) $1,200,000 in each fiscal year from 2025 through 2028;] 15
331312
332-– 8 –
333-be used to provide grants to eligible fund managers to provide investment capital, including
334-equity and similar investments, and loans to small, minority, women–owned, and
335-veteran–owned businesses in the State in the clean energy industry.
313+ (9) TO PROVIDE AT LEAST $1,200,000 IN EACH FISCAL YEAR FOR 16
314+FISCAL YEAR 2025 THROUGH FISCAL YEAR 2028 TO THE CLIMATE TECHNOLOGY 17
315+FOUNDER’S FUND ESTABLISHED UNDE R § 10–858 OF THE ECONOMIC 18
316+DEVELOPMENT ARTICLE; 19
336317
337- (3) Eligible fund managers receiving grants under subsection (f)(9) of this
338-section may use a portion of the money received to pay ordinary and reasonable expenses
339-for administrative, actuarial, legal, marketing, and technical services and management
340-fees.
318+ (10) subject to subsections [(f–2) and (f–3)] (F–1) AND (F–2) of this section, 20
319+to invest in pre–apprenticeship, youth apprenticeship, and registered apprenticeship 21
320+programs to establish career paths in the clean energy industry under § 11–708.1 of the 22
321+Labor and Employment Article, as follows: 23
341322
342- (4) (2) The Administration may provide additional funding for the purposes
343-stated in subsection (f)(9) of this section.]
323+ (i) $1,250,000 for grants to pre–apprenticeship jobs training 24
324+programs under § 11–708.1(c)(3) of the Labor and Employment Article starting in fiscal 25
325+year 2021 until all amounts are spent; 26
344326
345- [(f–2)] (F–1) An $8,000,000 payment for workforce development programs under
346-subsection (f)(10) of this section starting in fiscal year 2021 shall be derived from the
347-Renewable Energy, Climate Change account of the Fund.
327+ (ii) $6,000,000 for grants to youth apprenticeship jobs training 27
328+programs and registered apprenticeship jobs training programs under § 11–708.1(c)(5) of 28
329+the Labor and Employment Article starting in fiscal year 2021 until all amounts are spent; 29
330+and 30
331+ 8 SENATE BILL 960
348332
349- [(f–3)] (F–2) Funding under subsection [(f)(9) and (10)] (F)(10) of this section for
350-access to capital, investment, promotion, or implementation should be directed only to
351-businesses that agree to create and maintain jobs that promote family–sustaining wages,
352-employer–provided health care with affordable deductibles and co –pays, career
353-advancement training, fair scheduling, employer–paid workers’ compensation and
354-unemployment insurance, a retirement plan, paid time off, and the right to bargain
355-collectively for wages and benefits.
356333
357- [(f–4)] (F–3) (F–2) Of the funds transferred to the Maryland Energy Innovation
358-Fund under subsection (f)(11) (F)(10) of this section:
334+ (iii) $750,000 for the recruitment of individuals, including veterans 1
335+and formerly incarcerated individuals, to the pre–apprenticeship jobs training programs 2
336+and the registered apprenticeship jobs training programs under § 11–708.1 of the Labor 3
337+and Employment Article starting in fiscal year 2021 until all amounts are spent; 4
359338
360- (1) at least $1,200,000 may be used to fund the Maryland Clean Energy
361-Center established under § 10–806 of the Economic Development Article; and
339+ (11) (10) subject to subsection [(f–4)] (F–3) (F–2) of this section, to provide at 5
340+least $2,100,000 in funding each fiscal year to the Maryland Energy Innovation Fund 6
341+established under § 10–835 of the Economic Development Article; 7
362342
363- (2) at least $900,000 may be used to fund the Maryland Energy Innovation
364-Institute established under § 10–829 of the Economic Development Article.
343+ [(f–1) (1) Any funding provided under subsection (f)(9) of this section that is not 8
344+spent in a given fiscal year shall revert to the Fund in the following fiscal year. 9
365345
366- SECTION 3. AND BE IT FURTHER ENACTED, That, notwithstanding any other
367-provision of law, on or before June 30, 2024, the Governor may transfer up to $2,200,000 of
368-the funds in the Small, Minority, and Women–Owned Businesses Account established
369-under § 5–1501 of the Economic Development Article that are attributable to funds from
370-the Maryland Strategic Energy Investment Fund to the Climate Technology Founder’s
371-Fund established under § 10–859 of the Economic Development Article, as enacted by
372-Section 2 of this Act.
346+ (2) Funding that is provided for access to capital for small, minority, 10
347+women–owned, and veteran–owned businesses under subsection (f)(9) of this section shall 11
348+be used to provide grants to eligible fund managers to provide investment capital, including 12
349+equity and similar investments, and loans to small, minority, women–owned, and 13
350+veteran–owned businesses in the State in the clean energy industry. 14
373351
374- SECTION 4. AND BE IT FURTHER ENACTED, That this Act shall take effect June
375-1, 2024.
352+ (3) Eligible fund managers receiving grants under subsection (f)(9) of this 15
353+section may use a portion of the money received to pay ordinary and reasonable expenses 16
354+for administrative, actuarial, legal, marketing, and technical services and management 17
355+fees. 18
376356
377-Approved by the Governor, May 9, 2024.
357+ (4) (2) The Administration may provide additional funding for the purposes 19
358+stated in subsection (f)(9) of this section.] 20
359+
360+ [(f–2)] (F–1) An $8,000,000 payment for workforce development programs under 21
361+subsection (f)(10) of this section starting in fiscal year 2021 shall be derived from the 22
362+Renewable Energy, Climate Change account of the Fund. 23
363+
364+ [(f–3)] (F–2) Funding under subsection [(f)(9) and (10)] (F)(10) of this section for 24
365+access to capital, investment, promotion, or implementation should be directed only to 25
366+businesses that agree to create and maintain jobs that promote family–sustaining wages, 26
367+employer–provided health care with affordable deductibles and co –pays, career 27
368+advancement training, fair scheduling, employer–paid workers’ compensation and 28
369+unemployment insurance, a retirement plan, paid time off, and the right to bargain 29
370+collectively for wages and benefits. 30
371+
372+ [(f–4)] (F–3) (F–2) Of the funds transferred to the Maryland Energy Innovation 31
373+Fund under subsection (f)(11) (F)(10) of this section: 32
374+
375+ (1) at least $1,200,000 may be used to fund the Maryland Clean Energy 33
376+Center established under § 10–806 of the Economic Development Article; and 34
377+
378+ (2) at least $900,000 may be used to fund the Maryland Energy Innovation 35
379+Institute established under § 10–829 of the Economic Development Article. 36 SENATE BILL 960 9
380+
381+
382+
383+ SECTION 3. AND BE IT FURTHER ENACTED, That, notwithstanding any o ther 1
384+provision of law, on or before June 30, 2024, the Governor may transfer up to $2,200,000 of 2
385+the funds in the Small, Minority, and Women–Owned Businesses Account established 3
386+under § 5–1501 of the Economic Development Article that are attributable to funds from 4
387+the Maryland Strategic Energy Investment Fund to the Climate Technology Founder’s 5
388+Fund established under § 10–859 of the Economic Development Article, as enacted by 6
389+Section 2 of this Act. 7
390+
391+ SECTION 4. AND BE IT FURTHER ENACTED, That this Act shall take effect June 8
392+1, 2024. 9
393+
394+
395+
396+Approved:
397+________________________________________________________________________________
398+ Governor.
399+________________________________________________________________________________
400+ President of the Senate.
401+________________________________________________________________________________
402+ Speaker of the House of Delegates.