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H0689...............................................by REVENUE AND TAXATION
PUBLIC SCHOOL INCOME FUND - Amends and adds to existing law to provide for
transfers of money from the General Fund to the Public School Income Fund
under specified conditions; and to provide that transfers of certain
receipts from the General Fund to the Public School Income Fund shall
result in a reduction in the maximum school maintenance and operation levy.
02/27 House intro - 1st rdg - to printing
02/28 Rpt prt - to Rev/Tax
|||| LEGISLATURE OF THE STATE OF IDAHO ||||
Fifty-sixth Legislature Second Regular Session - 2002
IN THE HOUSE OF REPRESENTATIVES
HOUSE BILL NO. 689
BY REVENUE AND TAXATION COMMITTEE
1 AN ACT
2 RELATING TO PROPERTY TAX RELIEF AND THE PUBLIC SCHOOL INCOME FUND; AMENDING
3 SECTION 33-903, IDAHO CODE, TO PROVIDE FOR TRANSFERS OF MONEY FROM THE
4 GENERAL FUND TO THE PUBLIC SCHOOL INCOME FUND UNDER SPECIFIED CONDITIONS;
5 AND AMENDING CHAPTER 9, TITLE 33, IDAHO CODE, BY THE ADDITION OF A NEW
6 SECTION 33-903A, IDAHO CODE, TO PROVIDE THAT TRANSFERS OF CERTAIN RECEIPTS
7 FROM THE GENERAL FUND TO THE PUBLIC SCHOOL INCOME FUND SHALL RESULT IN A
8 REDUCTION IN THE MAXIMUM SCHOOL MAINTENANCE AND OPERATION LEVY.
9 Be It Enacted by the Legislature of the State of Idaho:
10 SECTION 1. That Section 33-903, Idaho Code, be, and the same is hereby
11 amended to read as follows:
12 33-903. PUBLIC SCHOOL INCOME FUND. (1) The public school income fund is
13 that fund in the treasury of the state of Idaho to which are credited the fol-
14 lowing:
15 (a) Moneys distributed from the public school earnings reserve fund and
16 other sources the legislature deems appropriate;
17 (b) Proceeds of all state taxes levied for public school purposes;
18 (c) Grants of moneys from the federal government for public school pur-
19 poses when other disposition is not specified by law;
20 (d) Ninety percent (90%) of any moneys received by any department of
21 state government from the federal government from sales, royalties, bon-
22 uses or rentals of oil, gas or mineral lands;
23 (e) Legislative appropriations in support of the public schools, and
24 other moneys required by the law of the federal government or of the state
25 of Idaho to be made a part of and credited to the fund;
26 (f) Transfers from the general fund pursuant to section 33-903A, Idaho
27 Code.
28 (2) Earnings on the investment of idle moneys in the public school income
29 fund shall be paid to the public school income fund.
30 (3) Moneys in the public school income fund shall be used for the benefit
31 of beneficiaries of the public school endowment and distributed to current
32 beneficiaries of the public school endowment pursuant to legislative appropri-
33 ation.
34 SECTION 2. That Chapter 9, Title 33, Idaho Code, be, and the same is
35 hereby amended by the addition thereto of a NEW SECTION, to be known and des-
36 ignated as Section 33-903A, Idaho Code, and to read as follows:
37 33-903A. TRANSFERS FROM GENERAL FUND TO PUBLIC SCHOOL INCOME FUND FOR
38 PROPERTY TAX RELIEF. (1) Notwithstanding any other provision of law, for
39 fiscal year 2003 and all fiscal years thereafter, if the state controller cer-
40 tifies that the receipts to the general fund for the fiscal year just ending
41 have exceeded the receipts of the previous fiscal year by more than six per-
2
1 cent (6%), then the state controller shall notify the state superintendent of
2 public instruction of the dollar amount by which the general fund receipts
3 exceed the receipts of the previous year and shall transfer all general fund
4 collections in excess of such six percent (6%) increase to the public school
5 income fund, to be used for the purpose set forth in subsection (3) of this
6 section.
7 (2) Upon notification by the state controller of the amount transferred
8 to the public school income fund as provided in subsection (1) of this sec-
9 tion, the state superintendent of public instruction shall calculate each pub-
10 lic school district's pro rata share of the funds transferred and shall trans-
11 mit that information to the state tax commission by no later than August 31.
12 (3) Upon receiving notification from the state superintendent of public
13 instruction of the amount transferred to the public school income fund in sub-
14 section (1) of this section, including each school district's pro rata share
15 of the funds so transferred, the state tax commission shall notify each school
16 district board of trustees of the pro rata share that the school district
17 shall receive from the public school income fund. Each school district board
18 of trustees shall reduce the certified maximum school maintenance and opera-
19 tion levy sufficient to collect a dollar amount less the amount the state
20 superintendent of public instruction calculated as that district's pro rata
21 share of the moneys transferred to the public school income fund from the gen-
22 eral fund as provided herein.
STATEMENT OF PURPOSE
RS 12123
This legislation woifld create a cap on the amount of general fund
revenue increases that can be spent on agency budget increases at 6%
and to create a fund for all the revenue in excess of 6% dedicated to
property tax relief.
FISCAL IMPACT
Revenue neutral
Contact
Name: Representative Barrett
Phone: 332-1000
STATEMENT OF PURPOSE/FISCAL NOTE H 689