The proposed 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, ensuring a steady influx of resources for transportation projects.

The bill also outlines specific distributions from the gross receipts tax revenue attributable to electricity sales, which will gradually increase from one percent to two percent over the next two decades. Furthermore, it amends the distribution of the motor vehicle excise tax, allocating portions to the general fund, state road fund, transportation project fund, and the newly created transportation trust fund. An appropriation of $400 million from the general fund is designated for the Transportation Trust Fund for fiscal year 2026 and beyond, with any unspent balance 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