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AL SB90
Bill
Status
2/5/2013
Primary Sponsor
Paul Sanford
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AI Summary
SB90 Summary
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Establishes the Alabama Recurring Revenue Fund as a separate account in the State Treasury to receive all recurring revenues dedicated for the Education Trust Fund and State General Fund.
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Distributes monthly balances from the Alabama Recurring Revenue Fund to the Education Trust Fund (78%) and State General Fund (22%) based on the last day of each month when recurring revenues are deposited.
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Requires the Department of Revenue to certify monthly that Education Trust Fund distributions are sufficient to ensure it receives revenue at least equal to the amount of income tax receipts that would have been deposited prior to this bill's enactment.
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Preserves the Education Trust Fund Rolling Reserve Act and interprets distributions under this bill as recurring revenues for purposes of determining fiscal year appropriation caps.
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Becomes effective October 1, 2013.
Legislative Description
Alabama Recurring Revenue Fund, established, to receive certain percentages of recurring revenue sources of the Education Trust Fund and the State General Fund
Appropriations
Last Action
Read for the first time and referred to the Senate committee on Finance and Taxation Education
2/5/2013