Reparations - Board, Fund, and Excise Tax on Endowments - Establishment

Summary

The bill creates a new Reparations Board that will study past reparations programs and recommend grant awards to Maryland residents affected by historic discrimination. It also creates a Maryland Reparations Fund, funded by an excise tax on non‑public institutions with endowments of $2 billion or more, plus any state appropriations and interest earnings. The board’s recommendations would direct those grant payments, and up to 20% of the fund each year may be used for board administration.

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