HB 646/LM (BR 1097) - B. Smith, H. Cornett, E. Ballard, H. Collins, B. Colter, J. Fischer, K. Hall, R. Nelson, Jo. Turner, T. Turner, K. Upchurch
AN ACT relating to the transfer of coal severance tax receipts for water and sewer projects and making an appropriation therefor.
Create a new section of KRS 42.450 to 42.495 to create in the State Treasury a fund entitled the local government water and sewage fund; provide that July 1, 2003, and thereafter, moneys shall be transferred into the fund in an amount equal to any excess severance and processing taxes collected on coal in the prior fiscal year that is above the estimate for severance and processing taxes on coal made under KRS 48.120 for that fiscal year; provide that October 1, 2003, and thereafter, moneys in the fund shall be distributed as grants to each coal producing county; provide that grants obtained under this program shall be used for the extension and installation of water and sewer lines and the construction, renovation, or expansion of sewage treatment facilities; amend KRS 42.4582 to provide that effective July 1, 2002, 47% and July 1, 2003, and thereafter 50% of the severance and processing taxes on coal be transferred to the local government economic development fund; amend KRS 42.4585 to provide that effective July 1, 2002, 30.85% and July 1, 2004, and thereafter 30% of the money in the local government economic development fund be transferred to the Local government economic assistance fund; appropriate moneys from the general fund to the local government water and sewage fund; EMERGENCY, EFFECTIVE July 1, 2002.
Feb 12-introduced in House
Feb 13-to Appropriations and Revenue (H)