SB 337

Bill Subjects

Abstract

Existing law provides various sources of funding for transportation purposes, including funding for the state highway system, the local street and road system, and public transportation. 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 Transportation Fund, which the bill would create. The bill would continuously appropriate the revenues in the Repatriation Infrastructure Fund to the California Transportation Commission. The bill would require 65% of available revenues to be allocated by the commission to trade corridor improvement projects, and would require the Controller to apportion 30% of available revenues to cities and counties for local street and roads and 5% of available revenues to public transportation, as specified.