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2011 Session

Budget Amendments - HB1500 (Member Request)

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Chief Patron: Albo
Increase Share of Insurance License Tax for Transportation

Item 453 #2h

Item 453 #2h

First Year - FY2011 Second Year - FY2012
Transportation
Transportation, Department of FY2011 $0 FY2012 $23,653,080 NGF

Language
Page 387, line 24, strike "$1,389,693,873" and insert "$1,413,346,953".
Page 388, after line 15, insert:
"G.  Included in the amount for this item is $23,653,080 from nongeneral funds resulting from legislation adopted by the 2011 Session of the General Assembly dedicating one-third of all revenues generated from the insurance license tax to highway maintenance, which will be phased in over three years, beginning in the final six months of fiscal year 2012."


Explanation
(This amendment provides for the appropriation of $23.6 million in additional revenues for highway maintenance that would derive from a three-year phase-in whereby an additional one-third of insurance license tax proceeds would be dedicated to transportation, in this case to highway maintenance. Because the legislation would be effective January 1, 2012, revenues would be deposited only in the final six months of the fiscal year. When fully implemented, this would provide an additional $143.4 million each year for highway maintenance based on the fiscal year 2012 forecast.)