State SealARIZONA HOUSE OF REPRESENTATIVES


 

HB2123: TPT; distribution; community college districts..

PRIME SPONSOR: Representative Udall, LD 25

BILL STATUS: Caucus & COW

                                Education: DP 13-0-0-0

 

Overview

Changes the formula for distributing monies from an additional transaction privilege tax (TPT) and use tax to educational institutions. ☐ Prop 105 (45 votes)	     ☐ Prop 108 (40 votes)      ☐ Emergency (40 votes)	☐ Fiscal Note

History

Laws 2018, Chapter 74 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 remaining monies to the Technology and Research Initiative Fund, to be distributed among the universities under ABOR's jurisdiction. Following that distribution, the State Treasurer should distribute 3% of 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. (Sec. 1)

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5.       Fifty-fourth Legislature                       HB 2123

6.       First Regular Session                            Version 1: Caucus & COW

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