1. (a) There is a Maryland Small Business Innovation Research and Technology Transfer Incentive Matching Fund.
2. (b) The purpose of the Fund is to provide awards or investments to further stimulate innovation and entrepreneurship and attract early-stage small businesses engaged in research and development.
3. (c) The Corporation shall administer the Fund.

4. (d)

   1. (1) The Fund is a special, nonlapsing fund that is not subject to reversion under § 7-302 of the State Finance and Procurement Article.
   2. (2) The State Treasurer shall hold the Fund separately, and the Comptroller shall account for the Fund.

5. (e) The Fund consists of:

   1. (1) money appropriated in the State budget to the Fund;
   2. (2) repayments and earnings from investments made through the Program;
   3. (3) money recaptured from businesses that fail to fulfill the terms and conditions of an award or investment made through the Program;
   4. (4) interest earnings of the Fund; and
   5. (5) any other money from any other source accepted for the benefit of the Fund.

6. (f) The Fund may be used only for:

   1. (1) providing awards or investments to eligible small businesses that have received financial assistance from the federal government under comparable small business innovation research or small business technology transfer award programs; and
   2. (2) administrative expenses of the Program, including marketing, outreach, and technical assistance.

7. (g)

   1. (1) The State Treasurer shall invest the money of the Fund in the same manner as other State money may be invested.
   2. (2) Interest earnings of the Fund shall be credited to the Fund.
8. (h) Expenditures from the Fund may be made only in accordance with the State budget.

Added by Acts 2021, c. 8, § 2, eff. March 13, 2021; Acts 2021, c. 25, § 2, eff. March 14, 2021. Amended by Acts 2021, c. 205, § 1, eff. July 1, 2021.