Bill No. 2758 establishes the "Preserving and Advancing County Transportation Fund" (PACT Fund) within the State Treasury to support county transportation projects. This continuous revolving fund will receive designated deposits, including a specific apportionment from the gross production tax on natural gas. The bill outlines a distribution methodology where two-thirds of the fund's deposits are allocated to counties based on their highway construction and maintenance needs, targeting a ratio of $4,000 per county road mile. The remaining one-third will be distributed according to the number of county bridges, ensuring that funds are effectively directed towards improving the county highway system.

The bill also amends existing laws regarding the apportionment of gross production taxes, adjusting allocation percentages for various funds. Notably, it mandates that twenty percent (20%) of the revenue from natural gas taxes be credited to the PACT Fund, capped at Seventy-five Million Dollars ($75,000,000.00) per fiscal year. Additionally, the percentage of revenue allocated to the General Revenue Fund from natural gas taxes is reduced from eighty percent (80%) to sixty percent (60%). The bill aims to enhance funding for education and infrastructure while ensuring that excess revenues are directed to the General Revenue Fund, with an effective date of July 1, 2025, and an emergency clause for immediate implementation upon passage.

Statutes affected:
House Committee Substitute: 68-1004
Floor (House): 68-1004
Engrossed: 68-1004