Senator Scott's "Building Excellent Schools Today Act" puts our kids first
Additional Public School Capital Construction Funding
Concerning an increase in the amount of financial assistance that can be provided for public school capital construction under the "Building Excellent Schools Today Act", and, in connection therewith, increasing the amount of retail marijuana excise tax revenue that is credited to the public school capital construction assistance fund and increasing the maximum total amount of annual lease payments authorized for lease-purchase agreements entered into under the act.
2018 Regular Session
Education & School Finance (Pre & K-12)
Currently, the first $40 million of retail marijuana excise tax revenue annually collected is credited to the public school capital construction assistance fund (assistance fund) for purposes of the 'Building Excellent Schools Today Act' (BEST) and the remainder of the revenue is credited to the state public school fund. For state fiscal years commencing on and after July 1, 2018, sections 1 and 3 of the bill increase the amount of retail marijuana excise tax revenue credited to the assistance fund to the greater of 90% of the revenue annually collected or the first $40 million of such revenue. The remainder of the revenue continues to be credited to the state public school fund. Section 2 increases the maximum total annual amount of lease payments on BEST lease-purchase agreements authorized to be paid with both state money and local matching money to $110 million for the 2018-19 fiscal year and $120 million for the 2019-20 fiscal year and for each fiscal year thereafter.
(Note: This summary applies to this bill as introduced.)