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Committee codifies direct-distribution formula and approves moving the percentage from 7% to 8%
Summary
House Bill 107 would codify direct distributions to local governments and replace the biannual appropriation with a dedicated transfer equal to a percent of prior-year sales and use tax receipts; the committee adopted an amendment to set the transfer at 8% and recommended the bill do pass as amended.
Dalton Quilty of the Legislative Service Office summarized House Bill 107, which would codify the direct-distribution model and replace the current biannual appropriation with a dedicated transfer equal to 7% of the prior fiscal year's statewide sales and use tax revenues (as presented). Quilty explained the change would shift timing and calculation to use the immediately preceding fiscal year and move payment dates to October and March 15.
Quilt…
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