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AL SB16
Bill
Status
2/2/2016
Primary Sponsor
Paul Sanford
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AI Summary
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Establishes the Alabama Shared Revenue Fund as a separate account in the State Treasury to receive shared revenues designated for the Education Trust Fund and State General Fund.
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Distributes monthly balances from the Alabama Shared Revenue Fund to the Education Trust Fund (78%) and State General Fund (22%).
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Requires the Department of Revenue to certify that monthly distributions to the Education Trust Fund equal at least the income tax receipts that would have been deposited prior to the bill's enactment.
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Requires the Executive Budget Office to certify that both funds receive revenue amounts at least equal to constitutionally earmarked revenues they would have received before the bill's enactment.
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Becomes effective October 1, 2016, and does not affect direct distributions to other state agencies or funds earmarked for specific purposes.
Legislative Description
Appropriation process, shared revenue fund established, distribution of certain revenue above amount of revenue in the General Fund and Education Trust Fund prior to act
Appropriations
Last Action
Read for the first time and referred to the Senate committee on Finance and Taxation Education
2/2/2016