REPORT OF CONFERENCE COMMITTEE

H. B. No. 1486: School Ad Valorem Tax Reduction Fund; cap at FY 2000 appropriated levels with excess going to Education Enhancement Fund.

AMEND by striking lines 173 through 178 in their entirety and by inserting in lieu thereof the following:

"deposited into the School Ad Valorem Tax Reduction Fund created under Section 37-61-35 until such time that the total amount deposited into the fund during a fiscal year equals Forty-two Million Dollars ($42,000,000.00). Thereafter, the amounts diverted under this subsection (7) during the fiscal year in excess of Forty-two Million Dollars ($42,000,000.00) shall be deposited into the Education Enhancement Fund created under Section 37-61-33 for appropriation".

AMEND further by striking lines 284 through 289 in their entirety and by inserting in lieu thereof the following:

"provisions of this chapter shall be deposited into the School Ad Valorem Tax Reduction Fund created under Section 37-61-35 until such time that the total amount deposited into the fund during a fiscal year equals Four Million Dollars ($4,000,000.00). Thereafter, the amounts diverted under this paragraph (a) during the fiscal year in excess of Four Million Dollars ($4,000,000.00) shall be deposited into the Education Enhancement Fund created under Section 37-61-33 for".

AMEND further the title by striking lines 3 through 6 in their entirety and by inserting in lieu there of the following:

"DIVERTED TO THE SCHOOL AD VALOREM TAX REDUCTION FUND TO ESTABLISH THE MAXIMUM AMOUNT THAT MAY BE DIVERTED TO SUCH FUND; TO PROVIDE THAT AMOUNTS IN EXCESS OF THAT WHICH WOULD HAVE OTHERWISE".