ARIZONA HOUSE OF REPRESENTATIVES

HB2123: TPT; distribution; community college districts..

PRIME SPONSOR: Representative Udall, LD 25

BILL STATUS: Education

                                Ways & Means

Overview

Changes the formula for distributing monies from an additional transaction privilege tax (TPT) and use tax to educational institutions.

History

Laws 2018, Chapter 74 (Proposition 301) established an additional TPT and use tax to be levied from July 1, 2021 until June 30, 2041. This law also established a schedule for prioritizing how monies collected from this additional TPT would be distributed to each educational institution. After $61.4 million is appropriated to the Classroom Site Fund each year, the State Treasurer should distribute 12% of the remaining monies to the Technology and Research Initiative Fund, to be distributed among the universities under the Arizona Board of Regents jurisdiction. Following that distribution, the State Treasurer should distribute 3% of the remaining monies to the Workforce Development Account in each community college district.

Provisions

1. Instructs the State Treasurer to distribute 3% of remaining TPT monies, after installments to the Classroom Site Fund, to the Workforce Development Account in each community college district.

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5. Fifty-fourth Legislature                       HB 2123

6. First Regular Session                            Version 1: Education

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