Bill > SB7

This bill amends existing law regarding the distribution of motor vehicle tax receipts, interest, and penalties, which are initially deposited into a newly created "motor vehicle suspense fund." Instead of all receipts going to the general fund, this bill phases in a gradual shift of these funds to the state road fund over a four-year period. Specifically, for the fiscal year ending June 30, 2016, 100% will go to the general fund; from July 1, 2016, to June 30, 2017, 90% will go to the general fund and 10% to the state road fund; from July 1, 2017, to June 30, 2018, 60% will go to the general fund and 40% to the state road fund; from July 1, 2018, to June 30, 2019, 30% will go to the general fund and 70% to the state road fund; and finally, on and after July 1, 2019, 100% of these receipts will be directed to the state road fund.