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SB 770

Economic Development - Maryland's Future Board - Establishment

2026 Regular Session Introduced by Bill Ferguson and 1 co-sponsor

Creates Maryland's Future Board to design a long-term Visionary Plan and fund Board-recommended projects via the Maryland's Future Fund.

Approved by the Governor - Chapter 377
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Bill Summary · SB 770

Summary of Senate Bill 770 (2026) – Economic Development: Maryland's Future Board Establishment

Purpose and intent

  • Establishes the Maryland's Future Board (the Board) within the Department of Commerce.
  • Tasked with developing a visionary plan for Maryland’s future, regularly evaluating and revising the plan, and recommending state projects aligned with the plan to the Governor and General Assembly.
  • Creates the Maryland's Future Fund (MFF), a special, nonlapsing fund to finance Board-recommended projects.
  • Requires the Comptroller to study Maryland’s economic growth trends and report findings to the General Assembly.

Key provisions and changes

Maryland's Future Board (2.5–301 to 2.5–305)

  • Definitions:
    • “Board” = Maryland's Future Board.
    • “Fund” = Maryland's Future Fund.
    • “Project” = any state operating or capital budget allocation, or any policy implementing measures that advance socioeconomic wellbeing and resiliency.
    • “Visionary Plan” = an equitable, prosperous, livable plan with forward-thinking strategy, broad scope, not constrained by current constraints, addressing future trends in robotics/automation, AI, advanced manufacturing, data aggregations, and other disruptive technologies.
  • Structure and membership (2.5–302):
    • Board seated in the Department of Commerce.
    • Members: 3 appointees by the Governor; Comptroller (or designee); 2 Senate President appointees; 2 House Speaker appointees.
    • Members should collectively be “visionary thinkers” in Maryland’s economic future (entrepreneurs, academia, ethicists, artists, philanthropists, and leaders from labor, business, higher education, nonprofits).
    • Geographic representation and demographic reflectiveness required.
    • Term: 4 years, beginning July 1. Vacancies filled immediately; members serve until successors appointed; appointees serve at the pleasure of the appointing official.
    • Compensation: Members not paid, but eligible for travel reimbursements.
    • Open meetings and public information requirements apply; members subject to public ethics laws.
    • Meetings: at least four times per year.
  • Responsibilities (2.5–305):
    • Develop and revise the Visionary Plan (2.5–303).
    • In alignment with the Visionary Plan, recommend projects that strengthen Maryland’s economic future (2.5–303(2)).
    • Consult with state entities/agencies as needed.

Visionary Plan requirements (2.5–303)

  • Timeline: Plan due by January 1, 2027.
  • Evaluation: Annually evaluated and revised.
  • Submission: Plan submitted to Governor and General Assembly within 30 days after completion or revision.
  • Project recommendations: Due by August 1, 2027 and annually thereafter (August 1).

Maryland's Future Fund (2.5–304)

  • Establishes MFF as a special, nonlapsing fund, administered by Commerce.
  • Funding sources:
    • Budget appropriations to the Fund.
    • Interest earnings credited to the Fund.
    • Other sources accepted for the Fund.
  • Use and governance:
    • Expenditures must follow the State budget; funds are supplemental and cannot replace other funding.
    • The Fund is not subject to some general restrictions on other funds (the nonlapsing status applies; see note below on related sections).
    • Invested by the State Treasurer; interest earnings stay in the Fund.
    • Administered by Commerce.
  • Limitations: Expenditures can only fund Board-recommended projects (2.5–304(F)).
  • Regulation: Department may adopt necessary regulations to implement the subtitle (2.5–305).

Related State Finance provisions (6–226)

  • For fiscal years 2024–2028, net interest on state money allocated to certain special funds accrues to the General Fund, with exceptions for some specified funds.
  • The bill designates that the Maryland's Future Fund is among the funds that may be exempt from the general net-interest accrual to the General Fund (consistent with the cross-reference to the MDGA amendments).

Comptroller study mandate (new subsection, included in the Act)

  • The Comptroller must study Maryland’s economic growth trends, focusing on competitive industries and potential growth needed for residents’ financial and socioeconomic wellbeing.
  • May examine future-impact factors (migration trends, AI-driven job displacement, universal basic income considerations, advanced technology workforce training).
  • May contract with an independent consultant.
  • Report due by December 1, 2026, to the General Assembly.

Effective date and duration

  • Effective date: July 1, 2026.
  • Temporary scope: The Act terminates and is abrogated on June 30, 2031, unless extended or made permanent by subsequent legislation.

fiscal and implementation notes (per fiscal note)

  • Fiscal impact largely front-loaded to 2027:
    • Contingent general fund appropriations: roughly $1.7 million in FY 2027 (about $200k for the Comptroller, $1.5 million for Commerce to establish the Fund and staff the Board).
    • Initial staff/consultant costs and administrative expenditures are expected to be funded from the general funds, with some amounts deposited into MFF at year-end for later project funding.
    • Beginning in FY 2029, potential capitalization of MFF and funding of Board-recommended projects, possibly totaling several million dollars per year, dependent on project slate.
  • Local and small-business effects:
    • Local governments could benefit indirectly via plan-driven projects.
    • Small businesses may benefit from visionary planning and funded projects.

Summary

SB 770 creates a centralized, multi-sector Board to envision Maryland’s economic future, formulate a forward-looking plan, and fund select projects through a dedicated Maryland’s Future Fund. It also institutionalizes ongoing analysis of state growth trends by the Comptroller. The measure emphasizes innovation, resilience, and long-range planning across disruptive technologies, with funding directed to Board-recommended projects beginning in the late 2020s and continuing through 2031.

Compiled from official sources — confirm details with the bill’s official record.

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