Joint Budget Committee.
Current law requires 3.5% of the gross retail marijuana sales tax revenue to be distributed to local governments. The bill eliminates the distribution to local governments and allocates the gross retail marijuana sales tax revenue as follows:
73.17% to the marijuana tax cash fund (fund);
11.33% to the state public school fund;
1.5% to the marijuana cash fund; and
14% to the general fund.
     The bill also directs the state treasurer to transfer from the fund to the state public school fund at the end of each fiscal year, an amount equal to the difference between the balance of the fund and:
15% of the amount that the general assembly appropriated from the fund in that fiscal year; and
Any amount of the fund designated to be part of the emergency reserve for that fiscal year.
(Note: This summary applies to the reengrossed version of this bill as introduced in the second house.)