This bill amends the Use Tax Act of 1937 by updating the provisions regarding the distribution of funds collected under the act. It specifies that all money received must be deposited into the state treasury for the general fund, with certain collections from the use tax imposed at an additional rate of 2% directed to the state school aid fund. The bill outlines the specific revenue losses that must also be compensated to the state school aid fund due to various exemptions related to personal property and data center equipment. Additionally, it clarifies that funds collected for the local community stabilization share are not state funds and must be managed separately by the local community stabilization authority.

Significant changes include the introduction of a requirement for $75 million to be deposited annually into the local government reimbursement fund for fiscal years ending September 30, 2024, and September 30, 2025, with a subsequent reduction to $25 million for fiscal years ending September 30, 2026, and thereafter. The bill also includes definitions for terms such as "aviation fuel," "qualified airport," and "state aeronautics fund," ensuring clarity in the application of the law.

Statutes affected:
House Introduced Bill: 205.111