HB1159 - Income tax, state; distribution of revenues to localities, funds for local school construction.

1 Co-Sponsor

Individual income tax; distribution of revenues; local school construction. Requires distribution of one percent of the individual income tax revenues collected from residents of a locality to be distributed to that locality. The bill requires such funds to be used for school construction or renovation purposes and to be repaid to the state if used for any other purpose. The bill provides that a locality shall be required to maintain its level of expenditure for public school purposes as a condition of receiving the income tax revenues; however, a locality may reduce its level of expenditure to account for a loss of revenues resulting from a reduction in machinery and tools taxes or license taxes.