AgdaPkt 2002-02-04 - Laserfiche WebLink

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LEGIS~TIVE CONSTITUTION~ ~ND~NT. Requires, effective July 1, 2003, existing revenues resulting from state sales and use %axes on the sale of motor vehicle fuel be used for transportation purposes as provided by law until J~e 30, 2008. Requires, effective July 1, 2008, existing revenues resulting from state sales an~ use taxes be used for public transit and mass transports=ion; city and county street anO roaO repairs and improvements; and state highway improvements. Imposes the requirement for a two-thirds of the Legislature to suspend or modlfy the percentage allocation of the revenues. Fiscal Impact: Starting in 2008-09, abou: $1.4 billion in state gasoline sales =ax revenues, increasing annually =hereafter, would continue to be used for state and local transportatlon purposes. Proposition 42 T~t: Asse~ly Constitutional ~en~ent No. 4--A resolution ~o propose to the people of =he S=a~e of California an ~en~en~ ~o =he Constitution of ~he S~ate, by adding ~ticle XIXB ~here~o, relating ts =ransporca=ion. LEGISLATIV~ COUNSEL'S DIGEST ACA 4, DuCts. Transports=ion funding: sales and use Tn~ Sales and Use Tax Law imposes a tax on the gross receipts fro~ the sale in ~his sta~ of, or =he storage, use, or o~her cons~p~ion in this state of, tangible personal property. That law requires revenues ~eriv~d ~rom ~hose taxes to be deposited in the Retail Sales Tax Fun=. Exls=ing law requires the balance of that fund remaining after various specified allocations to be allocated to the General Funs. Tnls measure would, for the 2003-04 fiscal year and each fiscal year thereafter, require all moneys that are collected during the fiscal year under ~he Sales and Use Tax Law, with respect to the sale or us~ of motor vehicle fuel, and that are required to be transferred to the General Fund pursuant to that law, to instead be transferred to the Transportation Investment Fund. This measure would, ~or the 2003-04 to 2007-08 fiscal years, inclusive, require moneys in that fund to be allocated for transportation purposes as provl~ed in a specified statute. This measure would, for the 2008-09 flscal year and eaoh fiscal year thereafter, require moneys in fund to be allocated only for transportation p~Olel I~cified this measure, and would specify the allowable ~rcen=mge ~ount to be allocated for each specified transportation pu~ose. This measure would allow the Legislature to suspend or modify these requirements un,er certain circ~stances, if the act so providing is approved by 2/3 of the entire me~ership of each house of the Legislature.