This bill amends the General Sales Tax Act of 1933 by updating Section 25, which outlines the distribution of funds collected from the sales tax. Key changes include the stipulation that an amount equal to 35% of the collections from a 2% tax on aviation fuel will be deposited into the state aeronautics fund, while 65% will go to the qualified airport fund. Additionally, the bill mandates that starting from the fiscal year ending September 30, the state treasurer will transfer $50 million annually from the general fund to the state school aid fund, with adjustments based on the Consumer Price Index for subsequent years.

The bill also modifies the provisions regarding the revenue lost to the state school aid fund due to certain exemptions. It replaces previous language with a requirement that all revenue lost from specific exemptions must be deposited into the state school aid fund, ensuring that the fund receives adequate support. Furthermore, the bill clarifies definitions related to aviation fuel, the comprehensive transportation fund, and other relevant terms to enhance understanding and implementation of the law.

Statutes affected:
Substitute (S-2): 205.75
Senate Introduced Bill: 205.75
As Passed by the Senate: 205.75