HB0365 Summary

• From February 1, 2016 through January 31, 2017, transfers to the Local Government Distributive Fund are set at 8.5% of individual income tax net revenue and 9.355% of corporate income tax net revenue.

• From February 1, 2017 through January 31, 2018, transfers increase to 9% of individual income tax net revenue and 9.57% of corporate income tax net revenue.

• From February 1, 2018 through January 31, 2019, transfers increase to 9.5% of individual income tax net revenue and 9.785% of corporate income tax net revenue.

• Beginning February 1, 2019, the Treasurer shall transfer 10% of net revenue from all income taxes (individual, trust, estate, and corporate) to the Local Government Distributive Fund each month.

• Act takes effect immediately upon becoming law.