Bill > HB1395

This bill amends the existing law on the distribution of aircraft fuel tax revenue. It requires that moneys collected from the aircraft fuel excise tax must be credited to the aeronautics account, and moneys collected from the use or retail sales tax on aircraft fuel must be distributed as follows: (a) during the period from July 1, 2023 to June 30, 2025, an amount equivalent to 0.5% tax must be credited to the aeronautics account, and beginning July 1, 2025, an amount equivalent to 1% tax must be credited to the aeronautics account; and (b) the remaining amount equivalent to 6.5% minus the amount in (a) must be credited to the state general fund. The bill also requires the aviation division of the Department of Transportation to track and report on the additional airport projects funded through the aeronautics account and estimate the amount of funds returned to the general fund through sales and business and occupation taxes generated from these projects.