MarylandSB 07702026 Regular SessionSenate

Economic Development - Maryland's Future Board - Establishment

Sponsored By: Bill Ferguson (Democratic)

Signed by Governor

Economic DevelopmentArtificial Intelligence -see also- BiometricsBudgets -see also- Capital BudgetsCapital BudgetsCommerce and Business -see also- ElectrComm; ForeignTr; etc.Commerce, Department ofCommittees and CommissionsComptrollerData -see also- Census; DemographicsDemographics -see also- Census; DataEthicsEvaluations and ReviewsGeneral Assembly -see also- AELR Cmte; LegislativePolCmteGovernorIndustry and ManufacturingInformation TechnologyInterestIntergovernmental Cooperation -see also- AdmAgn; Cmts; etc.Meetings -see also- Hearings; Open GovernmentOpen GovernmentPlans and ProposalsPublic InformationPublic Officials -see also- Atty Gen; Compt; Coun Admin; etcResidency -see also- Immigrants and CitizenshipRevenue and Taxes -see also- (specific tax)Rules and RegulationsSunsetTechnology -see also- AeroT; BioT; EnergyT; InfoT; MedT; etcTreasurersWork, Labor, and Employment -see also- JobTrn; Leave; etc.

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Bill Overview

Analyzed Economic Effects

3 provisions identified: 3 benefits, 0 costs, 0 mixed.

Comptroller study on jobs and growth

The Comptroller must study Maryland’s growth trends and key industries. The study may look at state migration, job loss from AI, the need for universal basic income, and advanced tech worker training. The Comptroller may hire an outside consultant. The report is due to the General Assembly by December 1, 2026. This takes effect July 1, 2026, and ends June 30, 2031.

Dedicated fund for future‑focused projects

The law creates the Maryland’s Future Fund, a special, nonlapsing fund run by the Department of Commerce. The State Treasurer holds and invests the Fund and the Comptroller accounts for it. The Fund gets State budget appropriations, interest, and other accepted money. It can pay only for projects the Board recommends. Spending must follow the State budget and adds to, not replaces, other funding. For fiscal years 2024 through 2028, the Fund keeps its net interest instead of it going to the General Fund. The Department of Commerce may adopt rules to run these programs. This takes effect July 1, 2026, and ends June 30, 2031.

New board to plan Maryland's economy

The law creates the Maryland’s Future Board in the Department of Commerce. The Board has eight members: three Governor appointees, the Comptroller or a designee, two Senate President appointees, and two Speaker appointees. Members serve four‑year terms, get no pay, and can be reimbursed for travel. The Board meets at least four times a year. It must finish an initial Visionary Plan by January 1, 2027, update it each year, and send it to the Governor and General Assembly within 30 days. It must submit project recommendations by August 1, 2027, and every August 1 after that. The Board follows Maryland’s public information, open meetings, and ethics laws. This takes effect July 1, 2026, and ends June 30, 2031.

Sponsors & Cosponsors

Sponsor

Bill Ferguson
Democratic • Senate

Cosponsors

Mary-Dulany James
Democratic • Senate

Roll Call Votes

All Roll Calls

Yes: 146 • No: 20

House vote • 4/10/2026

Third Reading Passed

Yes: 106 • No: 20 • Other: 10

Senate vote • 3/20/2026