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AL HB747
Bill
Status
4/24/2012
Primary Sponsor
Gregory Wren
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AI Summary
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Amends Section 40-23-85 of the Code of Alabama 1975 to realign the distribution of use tax funds collected under Section 40-23-61.
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Allocates the first $200,000,000 of use tax revenue to the Educational Trust Fund, with remaining amounts split 75% to the General Fund and 25% to the Educational Trust Fund.
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Previously, use tax revenue after Department of Revenue expenditures remained entirely in the State Treasury to the credit of the Education Trust Fund.
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Takes effect on the first day of the first month following gubernatorial approval or the bill otherwise becoming law.
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Includes severability clause providing that if any part is declared invalid or unconstitutional, the remaining provisions are unaffected.
Legislative Description
Taxation, realignment of distribution of use tax on automobiles to provide additional funding for State General Fund, Sec. 40-23-85 am'd
Taxation
Last Action
Read for the first time and referred to the House of Representatives committee on Ways and Means General Fund
4/24/2012