SB20-044
Sales And Use Tax Revenue For Transportation
Concerning the allocation of sales and use tax revenue attributable to sales or use of vehicles and related items to transportation funding, and, in connection therewith, providing additional funding for state, county, and municipal road and bridge projects.
Session:
2020 Regular Session
Subjects:
Bill Summary
Fiscal Policy & Taxes
Transportation & Motor Vehicles
For state fiscal years commencing on or after July 1, 2020, the bill requires 10% of net revenue from sales and use tax, as a portion of the sales and use taxes attributable to sales or use of vehicles and related items, to be credited to the highway users tax fund (HUTF) and thereafter allocated for state, county, and municipal highway system projects in accordance with the existing "second stream" formula for the allocation of HUTF money as follows:
- 60% to the state highway fund;
- 22% to counties; and
- 18% to municipalities.
(Note: This summary applies to this bill as introduced.)