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 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 on January 1, 2026, and it is set to take effect immediately upon passage. The legal language inserted into the current law includes the prohibition on distribution to bankrupt or foreclosed entities and the requirement for proceeds to be held in escrow, while no deletions from existing law are noted in the text provided.