This bill amends the Land Grant-Merced Assistance Fund by changing the revenue thresholds for full and seventy-five percent distributions to assistance-qualified land grants. Specifically, the bill raises the revenue threshold for a full distribution from less than fifty thousand dollars to less than one hundred thousand dollars, and for a seventy-five percent distribution from at least fifty thousand dollars but not more than two hundred fifty thousand dollars to at least one hundred thousand dollars but less than two hundred fifty thousand dollars. Additionally, it introduces new thresholds for fifty percent and twenty-five percent distributions based on higher revenue amounts.

Furthermore, the bill makes the Land Grant-Merced Assistance Fund non-reverting, meaning any remaining balance at the end of a fiscal year will not revert to the general fund but will remain available for distribution in the subsequent fiscal year. This change aims to provide more consistent funding for assistance-qualified land grants and ensure that funds are utilized effectively without reverting back to the state treasury. The effective date for these provisions is set for July 1, 2025.

Statutes affected:
introduced version: 49-11-6