Ch. 3

2007 Laws of Maryland

(I) REVENUES FROM THE INCOME TAX ON CORPORATIONS
AS PROVIDED IN § 2-613.1 OF THE TAX - GENERAL ARTICLE; AND

(II) ANY OTHER MONEY FROM ANY OTHER SOURCE
ACCEPTED FOR THE BENEFIT OF THE FUND.

(7)     THE FUND CONSISTS OF:

(I) MONEY APPROPRIATED IN THE STATE BUDGET FOR
THE FUND; AND

(II) ANY OTHER MONEY FROM ANY OTHER SOURCE
ACCEPTED FOR THE BENEFIT OF THE FUND.

(8)     THE COMMISSION SHALL ADMINISTER THE FUND.

(9)     MONEY IN THE FUND MAY BE EXPENDED ONLY:

(I) TO SUPPLEMENT GENERAL FUND APPROPRIATIONS TO

PUBLIC SENIOR HIGHER EDUCATION INSTITUTIONS;

(II) FOR PUBLIC SENIOR HIGHER EDUCATION CAPITAL
PROJECTS; AND

(III) FOR WORKFORCE DEVELOPMENT INITIATIVES

ADMINISTERED BY THE COMMISSION.

(10)    EXPENDITURES FROM THE FUND MAY BE MADE ONLY IN

ACCORDANCE WITH AN APPROPRIATION APPROVED BY THE GENERAL
ASSEMBLY IN THE ANNUAL STATE BUDGET.

Article - Tax - General

2-613.1.

AFTER MAKING THE DISTRIBUTION REQUIRED UNDER § 2-613 OF THIS
SUBTITLE, OF THE REMAINING INCOME TAX REVENUE FROM CORPORATIONS,
FOR FISCAL YEARS 2008 AND 2009 ONLY, THE COMPTROLLER SHALL
DISTRIBUTE MONTHLY:

(1) 6.25% TO THE HIGHER EDUCATION INVESTMENT FUND
ESTABLISHED UNDER § 15-106.6 OF THE EDUCATION ARTICLE; AND

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