The bill amends Section 31-36-20 of the General Laws concerning the Motor Fuel Tax, specifically regarding the allocation of tax proceeds to the Intermodal Surface Transportation Fund. It establishes that for fiscal years 2010 through 2025, the allocation will be nine and seventy-five hundredth cents ($0.0975) per gallon, with one-half cent ($0.005) derived from the environmental protection fee. Starting in fiscal year 2026 and thereafter, the allocation will change to thirty percent (30%) of the total proceeds, which will also include thirty percent (30%) from the one cent ($0.01) per gallon environmental protection fee.

The bill also includes provisions for the timely transfer of funds by the tax administrator and authorizes the Director of the Rhode Island Department of Transportation to remit funds for debt service payments on bonds related to transportation projects. Furthermore, it mandates that the Director of Transportation submit an annual accounting of the fund's deposits and proposed expenditures to the General Assembly, ensuring transparency and accountability in the use of the funds. The act will take effect upon passage.

Statutes affected:
5467: 31-36-20