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AL HB322
Bill
Status
5/21/2015
Primary Sponsor
William Poole
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AI Summary
HB322 Summary
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Amends the Education Trust Fund appropriation cap calculation to include required payments to the Prepaid Affordable College Tuition (PACT) Trust Fund as a new component.
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Removes the provision that limited Education Trust Fund Capital Fund use until reaching 20 percent of current year appropriations, allowing it to be used without that cap limitation.
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Establishes annual PACT Trust Fund appropriations from the Education Trust Fund ranging from $31.9 million to $63.6 million for fiscal years 2016-2027.
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Designates 45 percent of PACT appropriations beginning fiscal year 2017 as funding for colleges and universities, with the remainder counted as debt service for budgetary purposes.
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Prohibits the Legislature from appropriating funds from Department of Revenue tax clearing or holding accounts, which serve only as temporary depositories pending distribution to the State Treasury.
Legislative Description
Education Trust Fund, Rolling Reserve, to provide further for appropriation cap; ETF Budget Stabilization Fund authorizes further uses of revenues, including payments to the PACT Fund; to prohibit appropriations from holding or clearing accounts; Secs. 29-9-3, 29-9-4 am'd.
Education Trust Fund
Last Action
Finance and Taxation Education first Amendment Offered
5/21/2015