The bill, designated as SB323, introduces new regulations regarding the distribution of tax proceeds collected from county privilege, license, or excise taxes on tobacco and tobacco products. Specifically, it prohibits county commissions from distributing these tax proceeds to any entity that has either had its property foreclosed upon or has declared bankruptcy. Instead, any proceeds that would have been allocated to such entities must be deposited into an escrow account within the county until they can be appropriated to a different entity.

Additionally, the bill includes a provision for its repeal, stating that the regulations outlined in Section 1 will be nullified on January 1, 2026. The act is set to take effect immediately upon passage. This legislation aims to ensure that tax proceeds are not allocated to financially unstable entities, thereby safeguarding county funds.