Senate Bill 2848 Summary

• Directs the State Fiscal Officer to transfer all interest earned on Coronavirus Local Fiscal Recovery Fund balances remaining as of July 1, 2024, to the Coronavirus State Fiscal Recovery Fund, with all future interest from that fund also going to the state fund.

• Authorizes the State Fiscal Officer to transfer unused Coronavirus Local Fiscal Recovery Funds back to the federal government if they have not been used for their intended purpose.

• Expands eligibility for the Skilled Nursing Home and Hospital Nurses Retention Loan Repayment Program by removing the requirement that applicants be "new" graduates, allowing experienced nurses to participate.

• Establishes procedures for identifying and consolidating unobligated Coronavirus State Fiscal Recovery Funds by October 1, 2024, and creates the "ARPA-MDOT Maintenance Project Fund" for eligible surface transportation maintenance projects.

• Transfers approximately $120.9 million from various ARPA-funded program accounts to the Coronavirus State Fiscal Recovery Fund and transfers $54.1 million to the Coronavirus State Fiscal Recovery Lost Revenue Fund.