Item 554 | First Year - FY1999 | Second Year - FY2000 |
|---|---|---|
| Personal Property Tax Relief Program and Financial Assistance for Public School Facilities (74600) | $219,924,775 | $329,838,357 |
| Fund Sources: | ||
| General | FY1999 $219,924,775 | FY2000 $329,838,357 |
Authority: Discretionary Inclusion.
A. Included in this Item is $210,724,775 from the general fund in the first year and $320,638,357 from the general fund in the second year to be used to implement a program which provides equitable tax relief from the personal property tax on vehicles, and a program which provides financial assistance for school construction, additions, renovations, including the costs of retrofitting or enlarging public school buildings, infrastructure and site acquisition for such public school buildings and facilities or debt service payments, or a portion thereof, pursuant to such legislation as may be adopted by the 1998 or subsequent Sessions of the General Assembly.
B. The appropriation provided above shall be allocated in amounts such that the program as may be adopted by the General Assembly to provide equitable tax relief from the personal property tax on vehicles shall not exceed $434,763,132 in the 1998-2000 biennium, excluding the cost of administration, and the program as may be adopted by the General Assembly to support school construction, renovation, and related purposes shall not exceed $110,000,000 in the 1998-2000 biennium.
C. In addition to the amounts specified in paragraph A, and in order to supplement the general fund appropriation provided, the Governor shall transfer an amount estimated at $9,200,000 $9,000,000 each year which represents unclaimed lottery prizes which are transferred from the Literary Fund to the general fund pursuant to § 3-1.01 of this act, to be used solely and exclusively to support a program of school construction, additions, renovations, including the costs of retrofitting or enlarging public school buildings, infrastructure and site acquisition for such public school buildings and facilities or debt service payments, or a portion thereof.
D. The funding provided above shall be used solely and exclusively for the purposes stated herein, notwithstanding any act of law to the contrary.
E. The general fund revenues available for appropriation listed in Enactment No. 2 of this act include the following tax reductions, contingent upon the enactment of legislation for that purpose by the 1998 Session of the General Assembly.
|
| FY 1999 | FY 2000 |
| Higher Education Tuition Trust Fund Tax Credit | $2,480,579 | $2,920,460 |
| | | |
| Retaliatory Tax Credit | | |
|
| $2,200,000 | $2,400,000 |
| Enterprise Zone Pool Size | | |
|
| $4,400,000 | $6,300,000 |
| Historic Rehabilitation Tax Credit | | |
|
| $1,900,000 | $3,300,000 |
| Interest Equalization | $0 | $1,400,000 |
| Corporate Income Apportionment Factor | $0 | $7,200,000 |
| Military Pay Exclusion | $0 | $4,700,000 |
| Total | | |
|
| $10,980,579 | $28,220,460 |