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Committee reviews statutory transfers to Tax Computer System Modernization Fund; cites 2007 fund rules
Summary
Members reviewed annual, statute-required transfers into the Tax Computer System Modernization Fund and recited the fund's statutory purpose and limits, including a cap tied to total revenue collected.
The House Energy and Digital Infrastructure Committee reviewed statute language and prior practice that require annual transfers into the Tax Computer System Modernization Fund.
Committee members noted that since February 2007 the fund has received annual transfers from the general fund and the education fund to support information technology improvements at the Department of Taxes. The committee recorded the transfer amounts discussed in the budget materials: $4.3 million from the general fund and $1.5 million from the education fund (amounts cited in committee materials). Members read the statute language indicating the fund may receive amounts not to exceed 0.21% of total revenue collected, that balances are carried forward, and that interest is deposited into the fund.
Why it matters: The fund is the designated vehicle for tax-IT development, implementation, enhancement, and maintenance for the Department of Taxes; statutory rules determine how much may be transferred and how balances are administered.
Ending: Committee members indicated they were comfortable including the statutory transfers in the committee letter as part of the material they reviewed for the governor's recommended budget.
