This bill establishes the "Transportation Trust Fund" as a nonreverting fund within the state treasury, which will consist of various sources such as distributions, appropriations, gifts, grants, and donations. The fund is designed to provide state matching funds for federal grants aimed at transportation infrastructure projects. Annually, starting July 1, 2028, a transfer of five percent of the average year-end market values of the fund will be made to the state road fund. Additionally, the bill outlines specific distributions of gross receipts tax revenue from electricity sales to the Transportation Trust Fund, with increasing percentages over time, and amends the distribution of the motor vehicle excise tax to allocate funds to the trust.

Furthermore, the bill mandates that certain unexpended general fund capital outlay appropriations revert to the Transportation Trust Fund instead of the general fund, ensuring that these funds are utilized for transportation-related projects. An appropriation of $400 million from the general fund is also included to provide initial funding for the Transportation Trust Fund, with any unexpended balance at the end of the fiscal year not reverting to the general fund. The provisions of this act are set to take effect on July 1, 2025.

Statutes affected:
introduced version: 7-14-10