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 4 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. If, for any state fiscal year, the total amount of revenue credited to the assistance fund from all sources during the prior state fiscal year is less than the total amount of all payments due during the state fiscal year on BEST lease-purchase agreements, then section 3 requires the amount of the annual appropriation to fund the state's share of total program funding for all school districts and institute charter schools to be reduced and general fund money made available by the reduction to be transferred to the assistance fund to make up for the shortfall. Section 5 appropriates $34 million from the assistance fund to the department of education for BEST lease-purchase agreement payments.
(Note: This summary applies to the reengrossed version of this bill as introduced in the second house.)