SCS/SB 475 - Under this act, beginning January 1, 2020, any school district that receives revenue from the income tax on banking institutions, credit institutions, credit unions and savings and loan associations shall report the amount of such revenue received by the district to the Department of Elementary and Secondary Education. Using such data, the Department shall determine the amount of revenue the district would have received from the taxes but for the reduction in such income taxes, and remit said amount to each applicable district within 30 days of the end of each calendar year. The amount remitted to the district shall be the total of the revenue received by the district from the tax, times 1.5625, minus the total of the revenue received from the tax.
Such payments shall be in addition to payments made under the foundation formula.
This provision is identical to a provision contained in SS#2/SCS/HCS/HB 604 (2019).
JOSIE BUTLER