This bill establishes the "Transportation Trust Fund" and the "Transportation Program Fund" within the state treasury to enhance transportation infrastructure funding. The Transportation Trust Fund will be a nonreverting fund consisting of various sources such as distributions, appropriations, gifts, and grants, with its income from investments credited back to the fund. An annual distribution of five percent of the fund's average market value over the previous three years will be allocated to the Transportation Program Fund, which will be used to provide matching funds for federal transportation grants. The bill also mandates that a portion of gross receipts tax revenue from electricity sales will be directed to the Transportation Trust Fund, with specific percentages outlined for different timeframes.

Additionally, the bill amends existing laws regarding the distribution of motor vehicle excise tax revenue and the reversion of unexpended general fund appropriations. It specifies that unexpended balances from certain appropriations will revert to the Transportation Trust Fund instead of the general fund, thereby ensuring that funds are available for transportation projects. A significant appropriation of $400 million from the general fund is allocated to the Transportation Trust Fund for fiscal year 2027 and beyond, with the stipulation that any unspent funds will not revert to the general fund. The provisions of this act are set to take effect on July 1, 2026.

Statutes affected:
introduced version: 7-14-10