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ID H0309
Bill
Status
1/9/2020
Primary Sponsor
Transportation and Defense Committee
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AI Summary
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Creates the Economic Reserve and Investment Fund to provide moneys for the strategic initiatives program, general fund revenue shortfalls, and major disaster expenses declared by the governor.
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Transfers $272,000,000 from the budget stabilization fund to the economic reserve and investment fund on July 1, 2020.
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Transfers $38,200,000 from the economic reserve and investment fund to the strategic initiatives program fund on July 15, 2020, with subsequent annual transfers limited to 5% of the fund's average monthly fair market value beginning July 1, 2022.
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Increases the annual sales tax distribution to the permanent building fund from $5 million to $10 million per year.
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Declares an emergency and establishes staggered effective dates: June 1, 2020 for fund creation and transfers; September 1, 2020 for repeal of prior economic recovery reserve fund; and July 1, 2020 for sales tax distribution changes.
Legislative Description
Adds to existing law to establish a source of transportation funding and to create the Economic Reserve and Investment Fund for the purpose of providing moneys for the Strategic Initiatives Program, General Fund revenue shortfalls, and expenses incurred as a result of a disaster.
TRANSPORTATION
Last Action
U.C. to be returned to Transportation & Defense Committee
1/22/2020