|SB 0475||Revises distribution of gaming tax proceeds for schools|
|LR Number:||1971S.01I||Fiscal Note:||1971-01|
|Committee:||Ways and Means|
|Last Action:||03/06/01 - Hearing Conducted S Ways & Means Committee||Journal page:|
|Effective Date:||August 28, 2001|
SB 475 - This act revises the distribution of riverboat gaming proceeds. Currently, any gaming proceeds in excess of the amount transferred to the School District Bond Fund is transferred to the State School Moneys Fund and used to fund the basic state school aid formula.
The act revises the distribution to place the riverboat gaming proceeds which now go to the State School Moneys Fund to the Year 2000 Classroom Fund, which is created by the act. The change is implemented over a five year period beginning in FY 2001, with 20% increases each year in the portion transferred to the Year 2000 Classroom Fund, until 100% of such funds are transferred in FY 2005. For FY 2006 and thereafter, the distribution reverts to transferring all such funds to the State School Moneys Fund. Transfers to the School District Bond Fund are not affected by this act.
This act is identical to SB 591 (2000).