SJR 008 Presents dual questions regarding tobacco settlement funds
LR Number:0621S.01I Fiscal Note:0621-01
Committee:Pensions and General Laws
Last Action:02/07/01 - Hearing Conducted S Pensions & General Laws Committee Journal page:
Effective Date:Contingent
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Current Bill Summary

SJR 8 - This proposed constitutional amendment submits two separate proposals to voters regarding funds obtained by the State as a result of any legal settlement or award resulting from a final order in a dispute between the state and tobacco companies. The proposal receiving the greater majority of votes would become law.

The first proposal excludes the funds from the calculation of total state revenues, and designates that 25 percent of the money shall be used for youth education and treatment regarding tobacco, alcohol and substance abuse, for a period of 10 years; 25 percent for property tax relief for the elderly; and the remaining funds are deposited into general revenue.

The second proposal includes the tobacco settlement proceeds in the calculation of total state revenue. Any of the moneys not subject to a refund shall be allocated in the same percentages as with the first proposal.