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WES MOORE, Governor Ch. 377
Chapter 377
(Senate Bill 770)
AN ACT concerning
Economic Development – Maryland’s Future Board – Establishment
FOR the purpose of establishing the Maryland’s Future Board under the Department of
Commerce to develop, evaluate, and revise a certain visionary plan for the future of
Maryland by a certain date and make recommendations for projects based on the
plan to the Governor and the General Assembly; establishing the Maryland’s Future
Fund as a special, nonlapsing fund; requiring interest earnings of the Fund to be
credited to the Fund; requiring the Comptroller to study the trends for certain
industries and report to the General Assembly on or before a certain date; and
generally relating to the Maryland’s Future Board.
BY adding to
Article – Economic Development
Section 2.5–301 through 2.5–305 to be under the new subtitle “Subtitle 3. Maryland’s
Future Board”
Annotated Code of Maryland
(2024 Replacement Volume and 2025 Supplement)
BY repealing and reenacting, without amendments,
Article – State Finance and Procurement
Section 6–226(a)(2)(i) and (ii)
Annotated Code of Maryland
(2021 Replacement Volume and 2025 Supplement)
BY repealing and reenacting, with amendments,
Article – State Finance and Procurement
Section 6–226(a)(2)(iii)212. and 213.
Annotated Code of Maryland
(2021 Replacement Volume and 2025 Supplement)
BY adding to
Article – State Finance and Procurement
Section 6–226(a)(2)(iii)214.
Annotated Code of Maryland
(2021 Replacement Volume and 2025 Supplement)
BY repealing and reenacting, with amendments,
Chapter 717 of the Acts of the General Assembly of 2024, as amended by Chapters
237, 409, and 410 of the Acts of the General Assembly of 2025
Section 8(87) and (88)
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Ch. 377 2026 LAWS OF MARYLAND
BY adding to
Chapter 717 of the Acts of the General Assembly of 2024, as amended by Chapters
237, 409, and 410 of the Acts of the General Assembly of 2025
Section 8(89)
Preamble
WHEREAS, Maryland is rich in assets, often ranking among the top in the nation
for its innovation, technology–based workforce, personal income levels, and research and
development activity; and
WHEREAS, Maryland, despite these significant competitive advantages, lags
behind the nation in economic growth, population growth, and personal income growth; and
WHEREAS, In 2025, Maryland’s gross domestic product growth was 3.8%, compared
to the national rate of 4.4%; and
WHEREAS, In 2025, Maryland’s personal income growth was 2.8%, compared to the
national rate of 3.3%; and
WHEREAS, In 2025, Maryland’s population growth over the precious 5 years was
1.4%, compared to the national rate of 2.8%; and
WHEREAS, Demographic changes, population shifts, and uncertainty at the federal
level, on which much of Maryland’s economy is dependent, makes planning for the future
more challenging; and
WHEREAS, It is incumbent on Maryland to plan for the future with intention and
purpose to ensure all residents have a more ideal place to work, learn, and live; and
WHEREAS, Priorities are often aimed at solving pressing and immediate needs,
however, best practices show that visionary planning is the key to producing better
outcomes, creating competitive advantages, and encouraging sustainable growth; now,
therefore,
SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF MARYLAND,
That the Laws of Maryland read as follows:
Article – Economic Development
SUBTITLE 3. MARYLAND’S FUTURE BOARD.
2.5–301.
(A) IN THIS SUBTITLE THE FOLLOWING WORDS HAVE THE MEANINGS
INDICATED.
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WES MOORE, Governor Ch. 377
(B) “BOARD” MEANS THE MARYLAND’S FUTURE BOARD.
(C) “FUND” MEANS THE MARYLAND’S FUTURE FUND.
(D) “PROJECT” INCLUDES:
(1) AN ALLOCATION OF FUNDS IN THE OPERATING BUDGET OF THE
STATE;
(2) AN ALLOCATION OF FUNDS IN THE CAPITAL BUDGET OF THE
STATE; AND
(3) THE IMPLEMENTATION OF ANY POLICY THAT WILL ADVANCE THE
STATE’S SOCIOECONOMIC WELLBEING AND RESILIENCY.
(E) “VISIONARY PLAN” MEANS A PLAN THAT ENVISIONS A STATE THAT IS
EQUITABLE, PROSPEROUS, LIVABLE, AND PROVIDES OPPORTUNITIES FOR ALL
RESIDENTS TO THRIVE, INCLUDING:
(1) A FORWARD–THINKING STRATEGY THAT WOULD INCORPORATE
CORE VALUES AND PRINCIPLES AS ENVISIONED BY THE BOARD;
(2) A STRATEGY THAT COVERS BROADLY ISSUES THAT THE STATE
FACES;
(3) A STRATEGY THAT IS NOT CONSTRAINED BY EXISTING
TECHNOLOGY, INFRASTRUCTURE, OR FISCAL CONDITIONS OF THE STATE; AND
(4) STRATEGIES THAT IMAGINE FUTURE TRENDS IN THE FOLLOWING
AREAS:
(I) ROBOTICS AND AUTOMATION;
(II) ARTIFICIAL INTELLIGENCE;
(III) ADVANCED MANUFACTURING;
(IV) DATA AGGREGATIONS; AND
(V) OTHER INDUSTRY DISRUPTIVE TECHNOLOGIES.
2.5–302.
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Ch. 377 2026 LAWS OF MARYLAND
(A) THERE IS A MARYLAND’S FUTURE BOARD IN THE DEPARTMENT.
(B) (1) THE BOARD CONSISTS OF THE FOLLOWING MEMBERS:
(I) THREE MEMBERS APPOINTED BY THE GOVERNOR;
(II) THE COMPTROLLER, OR THE COMPTROLLER’S DESIGNEE;
(III) TWO MEMBERS APPOINTED BY THE PRESIDENT OF THE
SENATE; AND
(III) (IV) TWO MEMBERS APPOINTED BY THE SPEAKER OF THE
HOUSE.
(2) THE BOARD SHALL CONSIST OF INDIVIDUALS WHO,
COLLECTIVELY, ARE VISIONARY THINKERS FOR AN ECONOMIC FUTURE OF THE
STATE THAT ATTRACTS INDIVIDUALS WHO WANT TO LIVE, WORK, AND LEARN IN THE
STATE, INCLUDING:
(I) ENTREPRENEURS;
(II) MEMBERS OF ACADEMIA;
(III) ETHICISTS;
(IV) ARTISTS;
(V) PHILANTHROPISTS; AND
(VI) LEADERS IN:
1. LABOR ORGANIZATIONS;
2. BUSINESS;
3. HIGHER EDUCATION; AND
4. NONPROFIT ORGANIZATIONS.
(3) (I) WHEN APPOINTING MEMBERS CONSIDERATION SHALL BE
GIVEN TO GEOGRAPHIC REPRESENTATION.
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WES MOORE, Governor Ch. 377
(II) THE MEMBERS APPOINTED TO THE BOARD SHALL REFLECT
THE DEMOGRAPHICS OF THE STATE.
(C) (1) THE TERM OF A MEMBER APPOINTED TO THE BOARD IS 4 YEARS
AND BEGINS ON JULY 1.
(2) (I) A VACANCY SHALL BE FILLED IMMEDIATELY FOR THE
REMAINDER OF THE UNEXPIRED PORTION OF A TERM.
(II) AT THE END OF A TERM, A MEMBER CONTINUES TO SERVE
UNTIL A SUCCESSOR HAS BEEN APPOINTED.
(3) A MEMBER APPOINTED BY THE GOVERNOR, THE PRESIDENT OF
THE SENATE, OR THE SPEAKER OF THE HOUSE SERVES AT THE PLEASURE OF THE
APPOINTING OFFICER.
(D) (1) A MEMBER OF THE BOARD:
(I) MAY NOT RECEIVE COMPENSATION AS A MEMBER OF THE
BOARD; BUT
(II) IS ENTITLED TO REIMBURSEMENT FOR EXPENSES UNDER
THE STANDARD STATE TRAVEL REGULATIONS, AS PROVIDED IN THE STATE
BUDGET.
(2) (I) THE BOARD IS SUBJECT TO THE PUBLIC INFORMATION ACT
AND THE OPEN MEETINGS ACT.
(II) THE BOARD MEMBERS ARE SUBJECT TO THE MARYLAND
PUBLIC ETHICS LAW.
(E) THE BOARD SHALL MEET AT LEAST FOUR TIMES PER YEAR.
(F) THE BOARD SHALL CARRY OUT THE PURPOSE OF THIS SUBTITLE BY:
(1) DEVELOPING AND REVISING A VISIONARY PLAN UNDER § 2.5–303
OF THIS SUBTITLE;
(2) IN ALIGNMENT WITH THE VISIONARY PLAN, RECOMMENDING
PROJECTS THAT MOVE THE STATE FORWARD AND CONTRIBUTE TO ENSURING THE
ECONOMIC STRENGTH OF THE STATE INTO THE FUTURE; AND
(3) CONSULTING WITH ENTITIES AND STATE AGENCIES, AS NEEDED.
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Ch. 377 2026 LAWS OF MARYLAND
2.5–303.
(A) ON OR BEFORE JANUARY 1, 2027, THE BOARD SHALL DEVELOP A
VISIONARY PLAN FOR THE FUTURE OF THE STATE THAT CARRIES OUT THE PURPOSE
OF THIS SUBTITLE.
(B) THE BOARD SHALL EVALUATE THE VISIONARY PLAN AT LEAST
ANNUALLY AND REVISE THE PLAN ACCORDINGLY.
(C) THE BOARD SHALL SUBMIT THE VISIONARY PLAN TO THE GOVERNOR
AND THE GENERAL ASSEMBLY, IN ACCORDANCE WITH § 2–1257 OF THE STATE
GOVERNMENT ARTICLE, WITHIN 30 DAYS AFTER THE COMPLETION OF THE
VISIONARY PLAN OR A REVISION TO THE VISIONARY PLAN.
(D) ON OR BEFORE AUGUST 1, 2027, AND EACH AUGUST 1 THEREAFTER,
THE BOARD SHALL SUBMIT RECOMMENDATIONS FOR PROJECTS TO THE GOVERNOR
AND, IN ACCORDANCE WITH § 2–1257 OF THE STATE GOVERNMENT ARTICLE, THE
GENERAL ASSEMBLY.
2.5–304.
(A) THERE IS A MARYLAND’S FUTURE FUND.
(B) THE PURPOSE OF THE FUND IS TO FUND THE PROJECTS RECOMMENDED
BY THE BOARD MADE UNDER § 2.5–303 OF THIS SUBTITLE.
(C) THE DEPARTMENT SHALL ADMINISTER THE FUND.
(D) (1) THE FUND IS A SPECIAL, NONLAPSING FUND THAT IS NOT
SUBJECT TO § 7–302 OF THE STATE FINANCE AND PROCUREMENT ARTICLE.
(2) THE STATE TREASURER SHALL HOLD THE FUND SEPARATELY,
AND THE COMPTROLLER SHALL ACCOUNT FOR THE FUND.
(E) THE FUND CONSISTS OF:
(1) MONEY APPROPRIATED IN THE STATE BUDGET TO THE FUND;
(2) INTEREST EARNINGS; AND
(3) ANY OTHER MONEY FROM ANY OTHER SOURCE ACCEPTED FOR
THE BENEFIT OF THE FUND.
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WES MOORE, Governor Ch. 377
(F) THE FUND MAY BE USED ONLY FOR PROJECTS RECOMMENDED BY THE
BOARD UNDER § 2.5–303 OF THIS SUBTITLE.
(G) (1) THE STATE TREASURER SHALL INVEST THE MONEY OF THE FUND
IN THE SAME MANNER AS OTHER STATE MONEY MAY BE INVESTED.
(2) ANY INTEREST EARNINGS OF THE FUND SHALL BE CREDITED TO
THE FUND.
(H) EXPENDITURES FROM THE FUND MAY BE MADE ONLY IN ACCORDANCE
WITH THE STATE BUDGET.
(I) MONEY EXPENDED FROM THE FUND IS SUPPLEMENTAL TO AND IS NOT
INTENDED TO TAKE THE PLACE OF FUNDING THAT OTHERWISE WOULD BE
APPROPRIATED FOR THE SAME PURPOSE.
2.5–305.
THE DEPARTMENT MAY ADOPT REGULATIONS NECESSARY TO CARRY OUT
THIS SUBTITLE.
Article – State Finance and Procurement
6–226.
(a) (2) (i) This paragraph does not apply in fiscal years 2024 through 2028.
(ii) Notwithstanding any other provision of law, and unless
inconsistent with a federal law, grant agreement, or other federal requirement or with the
terms of a gift or settlement agreement, net interest on all State money allocated by the
State Treasurer under this section to special funds or accounts, and otherwise entitled to
receive interest earnings, as accounted for by the Comptroller, shall accrue to the General
Fund of the State.
(iii) The provisions of subparagraph (ii) of this paragraph do not
apply to the following funds:
212. the Department of Social and Economic Mobility Special
Fund; [and]
213. the Population Health Improvement Fund; AND
214. THE MARYLAND’S FUTURE FUND.
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Ch. 377 2026 LAWS OF MARYLAND
Chapter 717 of the Acts of 2024, as amended by Chapters 237, 409, and 410 of the
Acts of 2025
SECTION 8. AND BE IT FURTHER ENACTED, That, notwithstanding any other
provision of law, and unless inconsistent with a federal law, grant agreement, or other
federal requirement, or with the terms of a gift or settlement agreement, for fiscal years
2024 through 2028, net interest on all State money allocated by the State Treasurer under
§ 6–226 of the State Finance and Procurement Article to special funds or accounts, and
otherwise entitled to receive interest earnings, as accounted for by the Comptroller, shall
accrue to the General Fund of the State, with the exception of the following funds:
(87) the Academic Excellence Fund; [and]
(88) the Abandoned and Neglected Cemeteries Fund; AND
(89) THE MARYLAND’S FUTURE FUND.
SECTION 2. AND BE IT FURTHER ENACTED, That:
(a) (1) The Comptroller shall study the economic growth trends in Maryland,
including the trends for industries in which Maryland has a competitive advantage or any
other industries that have an outsized presence in Maryland.
(2) The study shall identify the growth that is needed in the competitive
industries to ensure the financial and socioeconomic well–being of the residents of
Maryland.
(3) The study may examine the social and economic factors that are
expected to significantly change over the next 10 years or more, including:
(i) state migration trends;
(ii) job replacement due to the rise in artificial intelligence; and
(iii) the need for universal basic income or advanced technology
workforce training.
(4) The Comptroller may contract with an independent consultant to assist
the Comptroller in the preparation of the study required under this subsection.
(b) On or before December 1, 2026, the Comptroller shall report to the General
Assembly, in accordance with § 2–1257 of the State Government Article, on the result of
the study under subsection (a) of this section.
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WES MOORE, Governor Ch. 377
SECTION 2. 3. AND BE IT FURTHER ENACTED, That this Act shall take effect
July 1, 2026. It shall remain effective for a period of 5 years and, at the end of June 30,
2031, this Act, with no further action required by the General Assembly, shall be abrogated
and of no further force and effect.
Approved by the Governor, May 12, 2026.
–9–Every fact on this page links to its source, starting with the official bill record.