HB 1170 Summary

• Transfer $122.2 million to the Budget Contingency Fund in fiscal year 2012 from the State General Fund, Hurricane Disaster Reserve Fund, and Capital Expense Funds

• Transfer $174.3 million to the Budget Contingency Fund in fiscal year 2013 from the State General Fund and various special funds; transfer $400,000 from Budget Contingency Fund to Law Enforcement Officers and Fire Fighters Death Benefits Fund

• Create the "RESTORE Fund" (Resources and Ecosystems Sustainability, Tourist Opportunities and Revived Economy of the Gulf Coast Fund) to receive disaster and spill-related settlement funds for Hancock, Harrison, and Jackson Counties, with expenditures only upon legislative appropriation for recovery projects

• Delay implementation of increased withholding tax, sales tax, and use tax early payment requirements until 2013, raising the average monthly liability threshold from $20,000 to $50,000

• Deposit all 2013 tobacco settlement installment payments into the Health Care Expendable Fund and transfer $97.45 million from Health Care Trust Fund to Health Care Expendable Fund in fiscal year 2013; repeal a requirement to repay Mississippi Department of Transportation from sales tax collections