HB 1330

Abstract

Amends the Downstate Public Transportation Act. Includes the West Central Transit District serving Morgan and Scott counties as a participant in the Downstate Public Transportation Fund. Beginning July 1, 2005, requires the Comptroller to order transferred and requires the Treasurer to transfer, from the General Revenue Fund to the West Central Public Transportation Fund, an amount equal to 2/32 of the net revenue realized from retail and occupation taxes within the boundaries of Morgan and Scott counties. Limits the amount paid into the Fund to 2/32 of 80% of the net revenue realized for tax periods beginning on or after January 1, 2006. Requires a local match based on the amount that could be raised by a tax levy at the rate of .05% on the assessed value of property within the boundaries of Morgan and Scott counties. Provides that failure to raise the local match will result in a reduced deposit into the West Central Public Transportation Fund. Makes other changes. Amends the State Finance Act. Establishes the West Central Public Transportation Fund, a special fund in the State treasury. Effective immediately.