HB0329 - Sales tax distributions to school foundation program.

 

2001

State of Wyoming

01LSO-0628

 

 

 

HOUSE BILL NO.  HB0329

 

 

Sales tax distributions to school foundation program.

 

Sponsored by:  Representative(s) McGraw and Senator(s)
Harris

 

 

A BILL

 

for

 

 1  AN ACT relating to taxation and revenue; providing for the
 2  distribution of certain sales and use tax revenues to the
 3  school foundation program; providing for possible reduction
 4  of the specified revenues; implementing procedures;
 5  repealing conflicting provisions; and providing for an
 6  effective date.

 7 

 8  Be It Enacted by the Legislature of the State of Wyoming:

 9 

10         Section 1.  W.S. 39-15-111(g) is amended to read:

11 

12         39-15-111.  Distribution.

13 

14         (g)  If Fifty percent (50%) of the proceeds from the
15  tax imposed under W.S. 39-15-104(b) is reduced to one-half
16  of one percent (.5%) under W.S. 39-15-104(d), on and after

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 1  September 1 of the year in which the reduction occurs, the
 2  distributions to the state general fund under paragraph
 3  (b)(i) of this section shall be reduced from seventy-two
 4  percent (72%) to sixty-eight percent (68%) shall be
 5  deposited into the school foundation program effective July
 6  1 of any year, if, not later than March 31 of the same
 7  year, it is determined by the state treasurer that the
 8  unappropriated general fund balance at the end of the
 9  current budget period minus any expected shortfall in
10  revenue to fully fund the school foundation program for the
11  following school year will exceed thirty-five million
12  dollars ($35,000,000.00). The treasurer shall make this
13  determination using actual revenues received during the
14  current fiscal year, revenue estimates of the consensus
15  revenue estimating group (CREG), actual appropriations and
16  expenditure estimates for the foundation program determined
17  by the department of education.

18 

19         Section 2.  W.S. 39-15-104(d) and 39-16-104(d) are
20  repealed.

21 

22         Section 3.  This act is effective July 1, 2001.

23 

24                         (END)

 

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