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AL HB656
Bill
Status
5/12/2015
Primary Sponsor
Will Ainsworth
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AI Summary
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Establishes the Alabama Recurring Revenue Fund as a separate fund in the State Treasury to receive all recurring revenues dedicated to 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%) on the last day of each month.
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Requires the Department of Revenue to certify monthly that distributions to the Education Trust Fund equal at least the amount of income tax receipts that would have been deposited prior to the bill's enactment.
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Prevents the bill from affecting the Education Trust Fund Rolling Reserve Act and exempts fiscal year 2016 from appropriation cap reductions resulting from the revenue allocation change.
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Becomes effective October 1, 2015.
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 House of Representatives committee on Ways and Means Education
5/12/2015