MD HB1271

Establishes a 13-member Reparations Board appointed by the Legislative Black Caucus (7 members), Senate President (2), House Speaker (2), and Governor (2), with 6-year staggered terms, to examine reparations programs nationwide and recommend grants for persons impacted by historic inequality

Creates the Maryland Reparations Fund as a special, nonlapsing fund to provide grants for initiatives explicitly aimed at repairing inequities from historic discrimination, with up to 20% usable for Board administration annually

Imposes a 4% excise tax on endowments of nonpublic institutions with assets of at least $2 billion, with revenue deposited into the Reparations Fund after administrative costs

Exempts public institutions including public colleges and universities from the endowment excise tax

Requires annual tax returns by April 15 and annual Board reports to the Governor and General Assembly by October 1, with willful failure to file returns punishable by fines up to $5,000 and/or imprisonment up to 5 years; takes effect July 1, 2026