This bill establishes a Child Care Subtrust within the Coal Severance Tax Trust Fund and creates a state special revenue account to receive monthly interest and earnings from this fund. The bill outlines eligible uses for the funds, which include providing scholarships and grants for child care expenses through the Department of Public Health and Human Services. Notably, the requirement for an application fee for grants or scholarships has been removed, and the funds in the account are statutorily appropriated for the specified purposes. Additionally, the bill mandates a transfer of $150 million from the coal severance tax permanent fund to the child care fund by August 15, 2023.

The bill also amends existing laws to include the child care fund as part of the coal severance tax trust funds and specifies that the state treasurer will manage the monthly transfers of earnings from the child care fund to the newly established account. The effective date of the act is set for immediate passage and approval, ensuring that the provisions can be implemented without delay. Overall, the bill aims to enhance support for child care services in Montana by leveraging funds from the coal severance tax.

Statutes affected:
HB0967_1.pdf: 17-5-703
HB0967_2.pdf: 17-5-703
Amended: 17-5-703
Introduced: 17-5-703