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AL SB230
Bill
Status
2/21/2017
Primary Sponsor
Paul Sanford
Click for details
AI Summary
SB230 Summary
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Establishes the Alabama Shared Revenue Fund as a separate account within the State Treasury to receive shared revenues dedicated to the Education Trust Fund and State General Fund.
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Distributes monthly balances from the Alabama Shared 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 that monthly distributions ensure the Education Trust Fund receives at least equal to the amount of income tax receipts that would have been deposited prior to enactment.
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Requires the Executive Budget Office to certify that monthly distributions ensure both funds receive total revenue at least equal to constitutionally earmarked revenues that would have been deposited prior to enactment.
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Becomes effective October 1, 2017, and does not affect direct distributions to 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
2/21/2017