Loading chat...
AL SB424
Bill
Status
4/28/2015
Primary Sponsor
Paul Sanford
Click for details
AI Summary
-
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.
-
Distributes amounts in the fund monthly on the last day of each month according to fixed percentages: 80 percent to the Education Trust Fund and 20 percent to the State General Fund.
-
Requires the Department of Revenue to certify monthly that distributions to the Education Trust Fund 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.
-
Provides that the bill does not affect implementation of the Education Trust Fund Rolling Reserve Act, with distributed amounts counted as recurring revenues for appropriation cap purposes.
-
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
4/28/2015