SB 604

Abstract

Amends the State Revenue Sharing Act. Provides that, beginning on January 1, 2004, each month the Department of Revenue shall certify an amount equal to 1/11 (now, 1/10) of the net revenue realized from income taxes collected during the preceding month and shall certify an amount equal to the difference between 1/10 of the net revenue and 1/11 of the net revenue realized from income taxes collected during the preceding month. Provides that the Treasurer shall transfer from the General Revenue Fund an amount equal to the difference between 1/10 of the net revenue realized and 1/11 of the net revenue realized to a special fund in the State treasury, to be known as the School District Distributive Fund. Provides for the monthly distribution of money from the School District Distributive Fund to school districts in proportion to the average daily attendance of students in the school district as compared to the aggregate average daily attendance in school districts in the State. Amends the State Finance Act to create the new Fund. Effective January 1, 2004.