Additional Public School Capital Construction Funding
Public school capital construction assistance fund - crediting of state retail marijuana excise tax revenue to fund. Currently, the first $40 million of state retail marijuana excise tax revenue annually collected is credited to the public school capital construction assistance fund (assistance fund) for the purpose of providing financial assistance, in the form of matching lease-purchase agreement payments and cash grants, to local school districts for capital construction under the "Building Excellent Schools Today Act" (BEST) and the remainder of the revenue is credited to the state public school fund. For state fiscal years commencing on and after July 1, 2018, the act increases the amount of retail marijuana excise tax revenue credited to the assistance fund to the greater of 90% of the revenue annually collected or the first $40 million of such revenue. The remainder of the revenue continues to be credited to the state public school fund. The act also appropriates $34 million from the assistance fund to the department of education and authorizes the department to use $19 million of the appropriation for BEST lease-purchase agreement payments and $15 million of the appropriation for BEST cash grants.
(Note: This summary applies to this bill as enacted.)