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AL SB12
Bill
Status
3/3/2015
Primary Sponsor
Paul Sanford
Click for details
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 for the Education Trust Fund and State General Fund.
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Distributes monthly amounts from the Alabama Recurring Revenue Fund at 78% to the Education Trust Fund and 22% to the State General Fund.
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Requires the Department of Revenue to certify monthly that Education Trust Fund distributions equal at least the income tax receipts that would have been deposited before this bill's enactment.
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Defines recurring revenue as any permanent and continuing revenue source enacted in prior fiscal years or new revenue sources enacted for the current or future fiscal years.
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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 Senate committee on Finance and Taxation Education
3/3/2015