This bill establishes the "Transportation Trust Fund" as a nonreverting fund within the state treasury, which will consist of various sources including 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 mandates that certain unexpended general fund capital outlay appropriations revert to the Transportation Trust Fund instead of the general fund, ensuring that funds are allocated specifically for transportation needs.

The bill also includes provisions for the distribution of gross receipts tax revenue from electricity sales to the Transportation Trust Fund, with specified percentages increasing over time. It amends the distribution of the motor vehicle excise tax to allocate a portion to the Transportation Trust Fund, and it appropriates $400 million from the general fund to kickstart the fund's operations. The effective date for the provisions of this act is set for July 1, 2025.

Statutes affected:
introduced version: 7-14-10