SB 1552

Abstract

Amends the State Revenue Sharing Act. Provides that each school district having Personal Property Tax Replacement Fund receipts totaling 13% or more of its total revenues in the previous fiscal year shall receive an additional amount equal to 11% of the total amount distributed to the school district from the Personal Property Tax Replacement Fund. Requires the State Board of Education to identify those school districts to the Department of Revenue. Provides that the total amount of additional distributions shall not exceed $4,353,136. Effective immediately. Senate Floor Amendment No. 1 Replaces everything after the enacting clause. Reinserts the provisions of the introduced bill with the following changes: (1) provides that school districts having Personal Property Tax Replacement Fund receipts totaling 13% or more of their total revenues in fiscal year 2018 are entitled to the additional distribution (in the introduced bill, the eligibility of districts is determined each fiscal year); (2) provides that the additional distribution shall be made only in fiscal year 2020 and shall be 19% (in the introduced bill, 11%) of the total amount distributed to the school district from the Personal Property Tax Replacement Fund during fiscal year 2018; and (3) provides that the total amount of additional distributions shall not exceed $4,769,101 (in the introduced bill, $4,353,136). Effective immediately.