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<section article="gec" article_name="Economic Development" number="6-604" title_number="6" title_name="Economic Development Tax Incentives" subtitle_number="6" subtitle_name="Maryland E-Nnovation Initiative Program">
  <level label="a">
    <text>There is a Maryland E–Nnovation Initiative Fund in the Department.</text>
  </level>
  <level label="b">
    <text>The Secretary shall manage and supervise the Fund.</text>
  </level>
  <level label="c">
    <level label="1">
      <text>The Fund is a special, nonlapsing fund that is not subject to § 7–302 of the State Finance and Procurement Article.</text>
    </level>
    <level label="2">
      <text>The State Treasurer shall hold the Fund separately, and the Comptroller shall account for the Fund.</text>
    </level>
  </level>
  <level label="d">
    <text>The Fund consists of:</text>
    <level label="1">
      <text>revenue distributed to the Fund under §  2–202(a)(1) of the Tax – General Article;</text>
    </level>
    <level label="2">
      <text>money appropriated in the State budget to the Fund; and</text>
    </level>
    <level label="3">
      <text>any other money from any other source accepted for the benefit of the Fund.</text>
    </level>
  </level>
  <level label="e">
    <text>For each of fiscal years 2016 through 2026, the Governor shall include in the budget bill an appropriation to the Fund in an amount that when combined with the amount estimated to be distributed to the Fund under subsection (d)(1) of this section equals at least $8,500,000.</text>
  </level>
  <level label="f">
    <text>The Department may use the Fund to:</text>
    <level label="1">
      <text>finance research endowments at nonprofit institutions of higher education in scientific and technical fields of study; and</text>
    </level>
    <level label="2">
      <text>pay the related administrative, legal, and actuarial expenses of the Department.</text>
    </level>
  </level>
  <level label="g">
    <level label="1">
      <text>The State Treasurer shall invest the money of the Fund in the same manner as other State money may be invested.</text>
    </level>
    <level label="2">
      <text>Any investment earnings of the Fund shall be credited to the Fund.</text>
    </level>
  </level>
  <level label="h">
    <text>Expenditures from the Fund may be made only in accordance with the State budget.</text>
  </level>
</section>
