Bill > HB199

This bill amends existing law regarding the distribution of money collected from motor vehicle taxes, including any associated interest and penalties, which are deposited into a newly created "motor vehicle suspense fund." Instead of all receipts going to the general fund, as was previously the case, this bill outlines a phased shift in how these funds are distributed. Starting immediately and until July 1, 2016, one hundred percent will go to the general fund. From July 1, 2016, to July 1, 2019, the percentage allocated to the general fund will gradually decrease each year, while the percentage allocated to the state road fund will correspondingly increase, moving from a 75/25 split to a 50/50 split, and then to a 25/75 split. Finally, on and after July 1, 2019, one hundred percent of these motor vehicle tax receipts will be directed to the state road fund.