Maryland HB1271 establishes a Reparations Board and Fund to provide grants for persons impacted by historic inequality, funded by an endowment excise.

Maryland HB1271 creates a Reparations Board to recommend grants for persons impacted by historic inequality. The bill establishes the Maryland Reparations Fund, a special, nonlapsing fund for these grants. It imposes a 4% excise tax on endowments of nonpublic institutions worth at least $2 billion. The tax revenue supplements, not supplants, other funding. The Comptroller distributes tax revenue to the Fund after administrative costs. The Fund's interest earnings are credited to it. The Board consists of public members appointed by various state officials and legislators.

Maryland HB1271 establishes a Reparations Board and Fund to provide grants for persons impacted by historic inequality, funded by an endowment excise.

Maryland HB1271 creates a Reparations Board to recommend grants for persons impacted by historic inequality. The bill establishes the Maryland Reparations Fund, a special, nonlapsing fund for these grants. It imposes a 4% excise tax on endowments of nonpublic institutions worth at least $2 billion. The tax revenue supplements, not supplants, other funding. The Comptroller distributes tax revenue to the Fund after administrative costs. The Fund's interest earnings are credited to it. The Board consists of public members appointed by various state officials and legislators.