HB 1990 Summary

• Permanently directs 0.25% of general excise tax revenues to a new educational infrastructure special fund for the Department of Education and school facility entities to augment capacity and infrastructure.

• Permanently directs 0.25% of general excise tax revenues to the state highway fund to protect highways from climate change damage and augment highway capacity and infrastructure.

• Establishes a temporary state improvement surcharge of 0.5% on general excise tax and use tax revenues from January 1, 2031 to December 31, 2035, with revenues distributed equally (20% each) to the compound interest bond reserve fund, hurricane reserve trust fund, employee pension trust fund, educational infrastructure special fund, and state highway fund.

• Does not impose the state improvement surcharge on transactions taxed at 0.5% or 0.15% rates or on tax-exempt transactions.

• Takes effect July 1, 2050.