This bill amends the Land Grant-Merced Assistance Fund by establishing it as a nonreverting fund within the state treasury, which will be administered by the Department of Finance and Administration. The fund will consist of various sources, including gifts, grants, donations, and appropriations. The bill also modifies the distribution thresholds for assistance-qualified land grants, increasing the revenue thresholds for full and seventy-five percent distributions. Specifically, land grants with annual revenues of less than $100,000 will receive a full distribution, while those with revenues between $100,000 and $250,000 will receive seventy-five percent of a full distribution. The thresholds continue to adjust for higher revenue amounts, with specific percentages allocated based on the revenue brackets.

Additionally, the bill removes the requirement for the balance in the fund to revert to the general fund if it exceeds the sum of certified amounts distributed, thereby ensuring that the fund remains available for future distributions. The effective date for the provisions of this act is set for July 1, 2026. Overall, these changes aim to enhance the support provided to land grants by adjusting the distribution criteria and ensuring the fund's sustainability.

Statutes affected:
introduced version: 49-11-6