Bill > S85

This bill establishes new mechanisms for supporting the Cannabis Social Equity Trust Fund by enabling private donations and creating additional funding opportunities. Specifically, the bill allows private individuals, businesses, nonprofit organizations, and licensed marijuana establishments to donate to the Cannabis Social Equity Trust Fund, with the executive office of economic development required to publicize donation opportunities and submit an annual report detailing fundraising efforts. Additionally, the bill introduces a voluntary tax return contribution option, where individual taxpayers can choose to contribute up to $5,000 to the fund when filing their state income taxes, with a tax credit available for the full amount of the donation. The legislation also mandates the creation of a loan guarantee program through various financial institutions, to be developed with input from a diverse stakeholder working group that includes representatives from government agencies, cannabis businesses, financial institutions, and advisory boards. This working group will help determine the scope and implementation details of the loan guarantee program, with the goal of providing financial support to social equity cannabis businesses. The overall aim of the bill is to create more resources and opportunities for supporting social equity in the cannabis industry by diversifying funding sources and providing financial assistance to underrepresented entrepreneurs.

Health and Social Services

https://malegislature.gov/Bills/194/S85