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SB21-289

Revenue Loss Restoration Cash Fund

Concerning the creation of a cash fund consisting of certain money that the state receives from the federal coronavirus state fiscal recovery fund so that the money is available for appropriation only in other legislation.
Session:
2021 Regular Session
Subject:
State Revenue & Budget
Bill Summary



The act creates the revenue loss restoration cash fund (fund). The state treasurer is required to transfer $1 billion from the "American Rescue Plan Act of 2021" cash fund to the fund. This amount is a portion of the money that the state receives from the federal coronavirus state fiscal recovery fund that represents the state's revenue loss as calculated under United States department of treasury guidelines.

The general assembly may appropriate or transfer money from the fund to a department for the provision of government services, including kindergarten through twelfth grade public education, housing, state employees, asset maintenance, seniors, criminal justice, state parks, agriculture, and transportation infrastructure. On and after January 1, 2022, the general assembly may only appropriate money from the fund through the annual general appropriation act or a supplemental appropriation act. The money in the fund is allocated to be used over the next 3 fiscal years.

(Note: This summary applies to this bill as enacted.)

Status

Introduced
Passed
Became Law

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Bill Text

COVID-19 Resources
2021 Ballot Information Booklet (Blue Book)
NORTH ENTRANCE IS CURRENTLY CLOSED.  TO ENTER THE CAPITOL, USE THE SOUTH ENTRANCE, UNDER THE STAIRS, AT 14th AVENUE AND SHERMAN STREET.