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AL SB496
Bill
AI Summary
SB496 Summary
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State General Fund has immediate projected deficit exceeding $250 million for fiscal year 2016, while Education Trust Fund has projected balance exceeding $350 million at end of fiscal year 2016.
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Changes state use tax distribution from 75% Education Trust Fund/25% General Fund to 50/50 split between both funds.
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Changes state remote use tax distribution from 75% General Fund/25% Education Trust Fund to 50/50 split between both funds.
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Upon enactment of national agreement for remote sales tax collection with single national or statewide tax rate, redirects distribution to 50% General Fund and 50% Education Trust Fund (changed from 75% General Fund/25% Education Trust Fund).
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Effective June 1, 2015.
Legislative Description
Use tax, distrib. to State General Fund reduced, distributed to Education Trust Fund increased, including distrib. from remote sales after national agreement on collection, Secs. 40-23-85, 40-23-174 am'd.
Taxation
Last Action
Indefinitely Postponed
6/3/2015