This bill amends existing law to prohibit the use of revenues derived from the increase in the petroleum products gross receipts tax for funding any transportation projects related to passenger or freight rail services. Specifically, it introduces new legal language stating that "revenues derived from the increase in the rate of taxation of petroleum products gross receipts... shall not be used to fund a transportation project relating to passenger rail service or freight rail service."

Additionally, the bill deletes a previous provision that mandated a minimum appropriation of $25,000,000 each fiscal year for various freight rail projects, including those significant to port commerce connectivity and upgrades to freight rail trackage. This deletion is noted as being part of the amendments made in this bill, which is currently pending before the Legislature. The act is set to take effect immediately upon passage.

Statutes affected:
Introduced: 27:1B-21