Senate Bill 2480, also known as the "Greenbelt Initiative Fund Transfer (GIFT) Act," establishes a new special account within the state general fund called the rural revenue equity fund. The bill mandates a recurring appropriation of $210 million from the general fund to this account, which will be administered by the commissioner of economic and community development. The funds are designated for rural counties and can be used for capital improvement projects, infrastructure projects, law enforcement, emergency services, and property tax stabilization. To access these funds, rural counties must submit an application along with a fee, and the allocation will be based on a weighted scoring system that evaluates various factors, including land classification and agricultural sales.

The bill outlines specific criteria for scoring applications, with higher scores awarded to counties with more land under greenbelt classification, greater agricultural sales, and smaller populations. The scoring system includes weighted factors for each category, ensuring that funds are prioritized for counties that demonstrate a greater need. Additionally, the bill allows for the acceptance of public or private funds to be added to the rural revenue equity fund, and it stipulates that any unspent funds at the end of the fiscal year will carry over for future use. An annual report on expenditures from the fund will be submitted to various state officials for review.