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HB22-1341

Marijuana Tax Cash Fund

Concerning measures to ensure that the marijuana tax cash fund is in balance.
Session:
2022 Regular Session
Subjects:
Fiscal Policy & Taxes
Liquor, Tobacco, & Marijuana
Bill Summary

When the marijuana tax cash fund (fund) was initially created, money in the fund was only available to be appropriated for fiscal years following the fiscal year in which it was received by the state. In 2020, the general assembly repealed this restriction, but in 2021, the restriction was inadvertently reinstated by legislation that made an unrelated conforming amendment. The act corrects this error, which permits the general assembly to appropriate money from the fund for the same fiscal year in which it is received.

The reserve requirement for the fund is established as 15% of the amount appropriated for a fiscal year, instead of 93% of the beginning balance in the fund. This reserve excludes any money from the fund that is designated to constitute part of the state emergency reserve.

The act also delays a portion of a statutory transfer from the fund to the public school capital construction assistance fund (BEST fund). A transfer of $100 million on June 1, 2022, is reduced to $50 million, and the state treasurer is required to transfer $30 million and $20 million from the fund to the BEST fund in the 2022-23 and 2023-24 state fiscal years.


(Note: This summary applies to this bill as enacted.)

Status

Introduced
Passed
Became Law

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Bill Text

  • All Versions (7 )
    Date Bill Type Documents
    04/25/2022 Signed Act PDF
    04/19/2022 Final Act PDF
    04/07/2022 Rerevised PDF
    04/06/2022 Revised PDF
    03/31/2022 Reengrossed PDF
    03/30/2022 Engrossed PDF
    03/28/2022 Introduced PDF

The effective date for bills enacted without a safety clause is August 7, 2024, if the General Assembly adjourns sine die on May 8, 2024, unless otherwise specified. Details