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Staff briefs JFAC on sales tax distributions and potential Techum bond carve-out
Summary
Budget staff explained how sales tax collections are distributed under statute, how distributions to local governments and earmarked programs have reduced the general fund share, and how a proposed additional Techum bond carve-out could affect the general fund.
Budget staff walked JFAC members through the statutory distribution of sales tax revenue and how earmarks have reduced the share flowing to the state general fund.
Keith Bybee explained that gross sales tax collections are reduced by refunds and transfers (including the statutory transfer to the tax relief fund) before distributions. Net sales tax collections are then distributed by formula that includes an 11.5 percent revenue-sharing allocation to local governments, a 4.5 percent allocation tied to the Techum program (with $80 million currently earmarked for bonding) and other statutory earmarks such as school modernization and the tax relief fund.
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