S.B. 995 Summary

• Increases general excise tax rates by 1 percentage point across multiple business categories, effective July 1, 2023 (from 4% to 5% for most categories)

• Establishes a new teacher salary special fund within the Department of Education to be administered and funded through general excise tax revenues

• Directs 50% of increased general excise tax revenues to the teacher salary special fund and 50% to the school facilities special fund

• Modifies Section 302A-1706 to add general excise tax revenues as a funding source for the school facilities special fund

• Creates statutory authority for the Department of Education to expend moneys from the teacher salary special fund for teacher salaries and compensation