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AR HB1418
Bill
Status
5/17/2013
Primary Sponsor
Jonathan Barnett
Click for details
AI Summary
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Dedicates sales and use tax revenue from new and used vehicle sales to highway, road, street, and bridge construction, reconstruction, and maintenance once annual general revenue exceeds $2,250,000,000.
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Allocates dedicated revenue as follows: 70% to State Highway and Transportation Department Fund for roadway projects, 15% to County Aid Fund for any legitimate county purpose, and 15% to Municipal Aid Fund for any legitimate municipal purpose.
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Phases in the dedication over a 10-year period starting at 10% in year one and increasing by 10% annually if gross general revenues grow by at least 3% year-over-year, reaching 100% by year ten.
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If gross general revenues fail to increase by at least 3% in any fiscal year, the percentage allocation remains unchanged until revenue growth meets the 3% threshold again.
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Declares an emergency and makes the act effective July 1, 2013.
Legislative Description
To Dedicate Sales And Use Tax Revenue From The Sales Of New And Used Vehicles In Part For Roadway Maintenance, Construction, And Reconstruction; And To Declare An Emergency.
Last Action
Died in House Committee at Sine Die adjournment.
5/17/2013