Section 40-23-150Education Trust Fund Rainy Day Account. THIS SECTION WAS ASSIGNED BY THE CODE COMMISSIONER. THIS SECTION HAS NOT BEEN CODIFIED BY THE LEGISLATURE.
(a) Effective for the first full fiscal year following the enactment of legislation by the U.S. Congress that provides for states to enforce collection of a sales or use tax levy on remote sellers, and the collection of such additional revenues, the Commissioner of the Department of Revenue shall certify to the Finance Director and the Chairs of the House of Representatives Committee on Ways and Means-Education and the Senate Finance and Taxation Committee-Education the amount of estimated increase in sales and use tax revenues attributed to the tax collected on such previously uncollected remote sales transactions. The certified increase in sales and use taxes due to the State of Alabama on such remote sales shall be deposited within 60 days of September 30 of each year into the Education Trust Fund Rainy Day Account, created by a constitutional amendment proposed in the 2001 Fourth Special Session, in an amount that maintains six percent of the previous year's Education Trust Fund appropriations. In the event withdrawals are made from the Education Trust Fund Rainy Day Account, receipts shall be deposited into the fund until the six percent level is reached and maintained. Any other law to the contrary notwithstanding, any funds deposited into the Education Trust Fund Rainy Day Account shall not be included in the revenue base to compute the growth calculation as provided for in the national average pay legislation for teachers enacted in the 2000 Regular Session.
(b) After the required deposits are made into the Education Trust Fund Rainy Day Account pursuant to the provisions of subsection (a), the remaining increase in sales and use tax revenues attributed to the tax collected on previously uncollected remote sales transactions that are not necessary to replenish or maintain the six percent reserve in the Education Trust Fund Rainy Day Account shall be deposited into the State General Fund Rainy Day Fund (Fund No. 1100) until such fund reaches and maintains the amount of six percent of the previous year's State General Fund appropriations. In the event withdrawals are made from the State General Fund Rainy Day Fund, receipts shall be deposited into such fund until the six percent reserve level is reached and maintained.
(c) Any remaining proceeds from the increase in sales and use tax revenues attributed to the tax collected on previously uncollected remote sales transactions after the deposits required in subsection (a) and subsection (b) shall be deposited to the Education Trust Fund.
(d) In the event that Congress authorizes the collection from remote sellers of previously uncollected revenue on remote sales by changing the base from a tax on sales to a tax or fee on a different base, any new revenue generated shall be distributed as provided in this section.
(e) This section shall apply only to the distribution of the state sales and use tax. Taxes due to municipalities and counties shall be distributed as provided under the authority levying such local taxes.
(Act 2001-1122, 2001 4th Sp. Sess., p. 1190, §§1-3.)
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