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*hb1473*
HOUSE BILL 1473
C8 (6lr3688)
ENROLLED BILL
— Economic Matters/Finance —
Introduced by The Speaker
Read and Examined by Proofreaders:
_______________________________________________
Proofreader.
_______________________________________________
Proofreader.
Sealed with the Great Seal and presented to the Governor, for his approval this
_______ day of _______________ at _________________ _______ o’clock, ________M.
______________________________________________
Speaker.
CHAPTER ______
AN ACT concerning 1
Economic Development – Maryland’s Future Board – Establishment 2
FOR the purpose of establishing the Maryland’s Future Board under the Department of 3
Commerce to develop, evaluate, and revise a certain visionary plan for the future of 4
Maryland by a certain date and make recommendations for projects based on the 5
plan to the Governor and the General Assembly; establishing the Maryland’s Future 6
Fund as a special, nonlapsing fund; requiring interest earnings of the Fund to be 7
credited to the Fund; requiring the Comptroller to study the trends for certain 8
industries and report to the General Assembly on or before a certain date; and 9
generally relating to the Maryland’s Future Board. 10
BY adding to 11
Article – Economic Development 12
Section 2.5–301 through 2.5–305 to be under the new subtitle “Subtitle 3. Maryland’s 13
Future Board” 14
2 HOUSE BILL 1473
Annotated Code of Maryland 1
(2024 Replacement Volume and 2025 Supplement) 2
BY repealing and reenacting, without amendments, 3
Article – State Finance and Procurement 4
Section 6–226(a)(2)(i) and (ii) 5
Annotated Code of Maryland 6
(2021 Replacement Volume and 2025 Supplement) 7
BY repealing and reenacting, with amendments, 8
Article – State Finance and Procurement 9
Section 6–226(a)(2)(iii)212. and 213. 10
Annotated Code of Maryland 11
(2021 Replacement Volume and 2025 Supplement) 12
BY adding to 13
Article – State Finance and Procurement 14
Section 6–226(a)(2)(iii)214. 15
Annotated Code of Maryland 16
(2021 Replacement Volume and 2025 Supplement) 17
BY repealing and reenacting, with amendments, 18
Chapter 717 of the Acts of the General Assembly of 2024, as amended by Chapters 19
237, 409, and 410 of the Acts of the General Assembly of 2025 20
Section 8(87) and (88) 21
BY adding to 22
Chapter 717 of the Acts of the General Assembly of 2024, as amended by Chapters 23
237, 409, and 410 of the Acts of the General Assembly of 2025 24
Section 8(89) 25
Preamble 26
WHEREAS, Maryland is rich in assets, often ranking among the top in the nation 27
for its innovation, technology –based workforce, personal income levels, and research and 28
development activity; and 29
WHEREAS, Maryland, despite these significant competitive advantages, lags 30
behind the nation in economic growth, population growth, and personal income growth; and 31
WHEREAS, In 2025, Maryland’s gross domestic product growth was 3.8%, compared 32
to the national rate of 4.4%; and 33
WHEREAS, In 2025, Maryland’s personal income growth was 2.8%, compared to the 34
national rate of 3.3%; and 35
HOUSE BILL 1473 3
WHEREAS, In 2025, Maryland’s population growth over the precious 5 years was 1
1.4%, compared to the national rate of 2.8%; and 2
WHEREAS, Demographic changes, population shifts, and uncertainty at the federal 3
level, on which much of Maryland’s economy is dependent, makes planning for the future 4
more challenging; and 5
WHEREAS, It is incumbent on Maryland to plan for the future with intention and 6
purpose to ensure all residents have a more ideal place to work, learn, and live; and 7
WHEREAS, Priorities are often aimed at solving pressing and immediate needs, 8
however, best practices show that visionary planning is the key to producing better 9
outcomes, creating competitive advan tages, and encouraging sustainable growth; now, 10
therefore, 11
SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF MARYLAND, 12
That the Laws of Maryland read as follows: 13
Article – Economic Development 14
SUBTITLE 3. MARYLAND’S FUTURE BOARD. 15
2.5–301. 16
(A) IN THIS SUBTITLE THE FO LLOWING WORDS HAVE T HE MEANINGS 17
INDICATED. 18
(B) “BOARD” MEANS THE MARYLAND’S FUTURE BOARD. 19
(C) “FUND” MEANS THE MARYLAND’S FUTURE FUND. 20
(D) “PROJECT” INCLUDES: 21
(1) AN ALLOCATION OF FUN DS IN THE OPERATING BUDGET OF THE 22
STATE; 23
(2) AN ALLOCATION OF FUN DS IN THE CAPITAL BU DGET OF THE 24
STATE; AND 25
(3) THE IMPLEMENTATION OF ANY POLICY THAT WILL ADVANCE THE 26
STATE’S SOCIOECONOMIC WELLBEING AND RESILIENCY. 27
(E) “VISIONARY PLAN” MEANS A PLAN THAT EN VISIONS A STATE THAT IS 28
EQUITABLE, PROSPEROUS, LIVABLE, AND PROVIDES OPPORTU NITIES FOR ALL 29
RESIDENTS TO THRIVE, INCLUDING: 30
4 HOUSE BILL 1473
(1) A FORWARD –THINKING STRATEGY TH AT WOULD INCORPORATE 1
CORE VALUES AND PRINCIPLES AS ENVISIONED BY THE BOARD; 2
(2) A STRATEGY THAT COVE RS BROADLY ISSUES TH AT THE STATE 3
FACES; 4
(3) A STRATEGY THAT IS N OT CONSTRAINED BY EX ISTING 5
TECHNOLOGY, INFRASTRUCTURE, OR FISCAL CONDITIONS OF THE STATE; AND 6
(4) STRATEGIES THAT IMAGINE FUTURE TRENDS IN THE FOLLOWING 7
AREAS: 8
(I) ROBOTICS AND AUTOMATION; 9
(II) ARTIFICIAL INTELLIGENCE; 10
(III) ADVANCED MANUFACTURING; 11
(IV) DATA AGGREGATIONS; AND 12
(V) OTHER INDUSTRY DISRUPTIVE TECHNOLOGIES. 13
2.5–302. 14
(A) THERE IS A MARYLAND’S FUTURE BOARD IN THE DEPARTMENT. 15
(B) (1) THE BOARD CONSISTS OF THE FOLLOWING MEMBERS: 16
(I) THREE MEMBERS APPOINTED BY THE GOVERNOR; 17
(II) THE COMPTROLLER, OR THE COMPTROLLER’S DESIGNEE; 18
(III) TWO MEMBERS APPOINTE D BY THE PRESIDENT OF THE 19
SENATE; AND 20
(III) (IV) TWO MEMBERS APPOINTED BY THE SPEAKER OF THE 21
HOUSE. 22
(2) THE BOARD SHALL CONSIST OF IND IVIDUALS WHO , 23
COLLECTIVELY, ARE VISIONARY THINKE RS FOR AN ECONOMIC F UTURE OF THE 24
STATE THAT ATTRACTS INDIVIDUALS WHO WANT TO LIVE, WORK, AND LEARN IN THE 25
STATE, INCLUDING: 26
HOUSE BILL 1473 5
(I) ENTREPRENEURS; 1
(II) MEMBERS OF ACADEMIA; 2
(III) ETHICISTS; 3
(IV) ARTISTS; 4
(V) PHILANTHROPISTS; AND 5
(VI) LEADERS IN: 6
1. LABOR ORGANIZATIONS; 7
2. BUSINESS; 8
3. HIGHER EDUCATION; AND 9
4. NONPROFIT ORGANIZATIONS. 10
(3) (I) WHEN APPOINTING MEMBE RS CONSIDERATION SHA LL BE 11
GIVEN TO GEOGRAPHIC REPRESENTATION. 12
(II) THE MEMBERS APPOINTED TO THE BOARD SHALL REFLECT 13
THE DEMOGRAPHICS OF THE STATE. 14
(C) (1) THE TERM OF A MEMBER APPOINTED TO THE BOARD IS 4 YEARS 15
AND BEGINS ON JULY 1. 16
(2) (I) A VACANCY SHALL BE FIL LED IMMEDIATELY FOR THE 17
REMAINDER OF THE UNEXPIRED PORTION OF A TERM. 18
(II) AT THE END OF A TERM , A MEMBER CONTINUES T O SERVE 19
UNTIL A SUCCESSOR HAS BEEN APPOINTED. 20
(3) A MEMBER APPOINTED BY THE GOVERNOR, THE PRESIDENT OF 21
THE SENATE, OR THE SPEAKER OF THE HOUSE SERVES AT THE PLEASURE OF THE 22
APPOINTING OFFICER. 23
(D) (1) A MEMBER OF THE BOARD: 24
6 HOUSE BILL 1473
(I) MAY NOT RECEIVE COMP ENSATION AS A MEMBER OF THE 1
BOARD; BUT 2
(II) IS ENTITLED TO REIMB URSEMENT FOR EXPENSE S UNDER 3
THE STANDARD STATE TRAVEL REGULATIONS, AS PROVIDED IN THE STATE 4
BUDGET. 5
(2) (I) THE BOARD IS SUBJECT TO THE PUBLIC INFORMATION ACT 6
AND THE OPEN MEETINGS ACT. 7
(II) THE BOARD MEMBERS ARE SUB JECT TO THE MARYLAND 8
PUBLIC ETHICS LAW. 9
(E) THE BOARD SHALL MEET AT LEAST FOUR TIMES PER YEAR. 10
(F) THE BOARD SHALL CARRY OUT THE PURPOSE OF THIS SUBTITLE BY: 11
(1) DEVELOPING AND REVISING A VISIONARY PLAN UNDER § 2.5–303 12
OF THIS SUBTITLE; 13
(2) IN ALIGNMENT WITH TH E VISIONARY PLAN , RECOMMENDING 14
PROJECTS THAT MOVE THE STATE FORWARD AND CONTRIBUTE TO ENSURING THE 15
ECONOMIC STRENGTH OF THE STATE INTO THE FUTURE; AND 16
(3) CONSULTING WITH ENTITIES AND STATE AGENCIES, AS NEEDED. 17
2.5–303. 18
(A) ON OR BEFORE JANUARY 1, 2027, THE BOARD SHALL DEVELOP A 19
VISIONARY PLAN FOR THE FUTURE OF THE STATE THAT CARRIES OUT THE PURPOSE 20
OF THIS SUBTITLE. 21
(B) THE BOARD SHALL EVALUATE THE VISIONARY PLAN A T LEAST 22
ANNUALLY AND REVISE THE PLAN ACCORDINGLY. 23
(C) THE BOARD SHALL SUBMIT TH E VISIONARY PLAN TO THE GOVERNOR 24
AND THE GENERAL ASSEMBLY, IN ACCORDANCE WITH § 2–1257 OF THE STATE 25
GOVERNMENT ARTICLE, WITHIN 30 DAYS AFTER THE COMPL ETION OF THE 26
VISIONARY PLAN OR A REVISION TO THE VISIONARY PLAN. 27
(D) ON OR BEFORE AUGUST 1, 2027, AND EACH AUGUST 1 THEREAFTER, 28
THE BOARD SHALL SUBMIT RECOMMENDATIONS FOR PROJECTS TO THE GOVERNOR 29
HOUSE BILL 1473 7
AND, IN ACCORDANCE WITH § 2–1257 OF THE STATE GOVERNMENT ARTICLE, THE 1
GENERAL ASSEMBLY. 2
2.5–304. 3
(A) THERE IS A MARYLAND’S FUTURE FUND. 4
(B) THE PURPOSE OF THE FUND IS TO FUND THE PROJECTS RECOMMENDED 5
BY THE BOARD MADE UNDER § 2.5–303 OF THIS SUBTITLE. 6
(C) THE DEPARTMENT SHALL ADMINISTER THE FUND. 7
(D) (1) THE FUND IS A SPECIAL , NONLAPSING FUND THAT IS NOT 8
SUBJECT TO § 7–302 OF THE STATE FINANCE AND PROCUREMENT ARTICLE. 9
(2) THE STATE TREASURER SHALL HOLD THE FUND SEPARATELY , 10
AND THE COMPTROLLER SHALL ACCOUNT FOR THE FUND. 11
(E) THE FUND CONSISTS OF: 12
(1) MONEY APPROPRIATED IN THE STATE BUDGET TO THE FUND; 13
(2) INTEREST EARNINGS; AND 14
(3) ANY OTHER MONEY FROM ANY OTHER SOURCE ACC EPTED FOR 15
THE BENEFIT OF THE FUND. 16
(F) THE FUND MAY BE USED ONLY FOR PROJECTS RECOMMENDED BY THE 17
BOARD UNDER § 2.5–303 OF THIS SUBTITLE. 18
(G) (1) THE STATE TREASURER SHALL INVEST THE MONEY OF THE FUND 19
IN THE SAME MANNER AS OTHER STATE MONEY MAY BE INVESTED. 20
(2) ANY INTEREST EARNINGS OF THE FUND SHALL BE CREDITED TO 21
THE FUND. 22
(H) EXPENDITURES FROM THE FUND MAY BE MADE ONLY IN ACCORDANCE 23
WITH THE STATE BUDGET. 24
(I) MONEY EXPENDED FROM THE FUND IS SUPPLEMENTAL TO AND IS NOT 25
INTENDED TO TAKE THE PLACE OF FUNDING THA T OTHERWISE WOULD BE 26
APPROPRIATED FOR THE SAME PURPOSE. 27
8 HOUSE BILL 1473
2.5–305. 1
THE DEPARTMENT MAY ADOPT REGULATIONS NECESSAR Y TO CARRY OUT 2
THIS SUBTITLE. 3
Article – State Finance and Procurement 4
6–226. 5
(a) (2) (i) This paragraph does not apply in fiscal years 2024 through 2028. 6
(ii) Notwithstanding any other provisi on of law, and unless 7
inconsistent with a federal law, grant agreement, or other federal requirement or with the 8
terms of a gift or settlement agreement, net interest on all State money allocated by the 9
State Treasurer under this section to special funds o r accounts, and otherwise entitled to 10
receive interest earnings, as accounted for by the Comptroller, shall accrue to the General 11
Fund of the State. 12
(iii) The provisions of subparagraph (ii) of this paragraph do not 13
apply to the following funds: 14
212. the Department of Social and Economic Mobility Special 15
Fund; [and] 16
213. the Population Health Improvement Fund; AND 17
214. THE MARYLAND’S FUTURE FUND. 18
Chapter 717 of the Acts of 2024, as amended by Chapters 237, 409, and 410 of the 19
Acts of 2025 20
SECTION 8. AND BE IT FURTHER ENACTED, That, notwithstanding any other 21
provision of law, and unless inconsistent with a federal law, grant agreement, or other 22
federal requirement, or with the terms of a gift or settlement agreement, for fiscal years 23
2024 through 2028, net interest on all State money allocated by the State Treasurer under 24
§ 6–226 of the State Finance and Procurement Article to special funds or accounts, and 25
otherwise entitled to receive interest earnings, as accounted for by the Comptroll er, shall 26
accrue to the General Fund of the State, with the exception of the following funds: 27
(87) the Academic Excellence Fund; [and] 28
(88) the Abandoned and Neglected Cemeteries Fund; AND 29
(89) THE MARYLAND’S FUTURE FUND. 30
SECTION 2. AND BE IT FURTHER ENACTED, That: 31
HOUSE BILL 1473 9
(a) (1) The Comptroller shall study the economic growth trends in Maryland, 1
including the trends for industries in which Maryland has a competitive advantage or any 2
other industries that have an outsized presence in Maryland. 3
(2) The study shall identify the growth that is needed in the competitive 4
industries to ensure the financial and socioeconomic well–being of the residents of Maryland. 5
(3) The study may examine the social and economic factors that are expected 6
to significantly change over the next 10 years or more, including: 7
(i) state migration trends; 8
(ii) job replacement due to the rise in artificial intelligence; and 9
(iii) the need for universal basic income or advanced technology 10
workforce training. 11
(4) The Comptroller may contract with an independent consultant to assist 12
the Comptroller in the preparation of the study required under this paragraph. 13
(b) On or before December 1, 2026, the Comptroller shall report to the General 14
Assembly, in accordance with § 2–1257 of the State Government Article, on the result of the 15
study under subsection (a) of this section. 16
SECTION 2. 3. AND BE IT FURTHER ENACTED, That this Act shall take effect 17
July 1, 2026. It shall remain effective for a period of 5 years and, at the end of June 30, 18
2031, this Act, with no further action required by the General Assembly, shall be abrogated 19
and of no further force and effect. 20
Approved:
________________________________________________________________________________
Governor.
________________________________________________________________________________
Speaker of the House of Delegates.
________________________________________________________________________________
President of the Senate.