SB 1384

Bill Subjects

Abstract

Existing law provides various sources of funding for transportation and other infrastructure purposes. This bill, until July 1, 2025, would require the Department of Finance, in consultation with the Franchise Tax Board, to estimate, on an annual basis by November 1 of each year, the amount of revenue to be received from state taxes in the next fiscal year as a consequence of enactment of a federal corporate repatriation statute pursuant to which foreign earnings of United States-based corporations that are currently invested abroad are moved to the United States. The bill, until July 1, 2025, after reservation of appropriate amounts required to be allocated by the California Constitution for Proposition 98 education funding requirements and the Budget Stabilization Account, would require the remaining repatriation revenues to be transferred to the Repatriation Infrastructure Fund in the State Treasury, which the bill would create. The bill would continuously appropriate the revenues in the Repatriation Infrastructure Fund to an unspecified entity for expenditure infrastructure projects.