- Requires legislative council staff, as part of its 2016 economic and revenue forecast, to estimate the total amount of general fund revenues that the state would have been required to make unavailable for expenditure in fiscal year 2016-17 and refund in fiscal year 2017-18 but for the enactment of the CHASE Act; and
- Requires the amount estimated by legislative council staff to be allocated as follows:
- On September 30, 2016, the state treasurer must transfer the lesser of the full amount or $50 million to the highway users tax fund (HUTF);
- On September 30, 2016, the state treasurer must transfer the lesser of the full amount remaining after the HUTF transfer has been made or a total amount of $16.2 million in equal parts to the state severance tax trust fund and the local government severance tax fund as repayment of money diverted from those funds to the general fund in fiscal year 2014-15;
- The lesser of the full amount remaining after the HUTF and severance tax fund transfers have been made or a total amount of $40 million must be used to reduce the 2016-17 public school finance negative factor; and
- The lesser of the full amount remaining after the HUTF and severance tax fund transfers and the negative factor allocation have been made or $49.5 million is allocated to governing boards of state-supported institutions of higher education to reduce fiscal year 2017-18 tuition increases and provide additional student financial assistance.
(Note: This summary applies to this bill as introduced and does not reflect any amendments that were subsequently adopted.)