Lost

AMENDMENT NO 4 PROPOSED TO

Senate Bill No. 2310

BY: Representative Baker (74th)

     AMEND by striking lines 163 through 279 in their entirety, and by inserting in lieu thereof, the following:

     (2)  (a)  Of the revenue collected monthly as a result of the tax assessed and levied under this chapter:

              (i)  Such amount as calculated by the State Tax Commission on July 15, 2006, and on July 15 of each year thereafter through July 15, 2013, that is sufficient to offset the monthly amount of revenue lost as a result of the reduction in the sales tax collections from retail sales of food pursuant to Section 27-65-26 and 27-65-111 by the municipalities of the state during the preceding fiscal year shall be deposited by the commissioner into the Municipal Tobacco Tax Diversion Fund created under Section 5 of Senate Bill No. 2310, 2006 Regular Session; and such amount as calculated by the commission on July 15, 2014, and on July 15 of each year thereafter, that is equal to the deposit made to the fund in the preceding fiscal year, plus an amount determined by applying the United States inflation rate for the preceding fiscal year to the deposit made to the fund for that preceding fiscal year.  The United States inflation rate shall be the Consumer Price Index for all urban consumers as calculated by the Bureau of Labor Statistics of the United States Department of Labor.  However, with regard to those municipalities that are located in counties eligible for assistance under Categories C through G under the Public Assistance Program for damages to public facilities as a result of Hurricane Katrina, the commissioner shall deposit to the fund the difference between the amount diverted to such municipalities under Section 27-65-75(1) during that month in the 2005 state fiscal year and the amount such municipalities would be paid under Section 27-65-75(1) during the same month in the 2006 state fiscal year and each fiscal year thereafter through the 2013 state fiscal year.

              (ii)  Such amount as calculated by the State Tax Commission on July 15, 2006, and on July 15 of each year thereafter, that is sufficient to offset the monthly amount of revenue that, as a result of the reduction in the sales tax collections from retail sales of food pursuant to Section 27-65-26 and 27-65-111, has not been deposited during the preceding fiscal year into the Education Enhancement Fund created under Section 37-61-33 shall be deposited by the commissioner into the Education Enhancement Fund.

              (iii)  Such amount as calculated by the State Tax Commission on July 15, 2006, and on July 15 of each year thereafter, that is sufficient to offset the monthly amount of revenue that, as a result of the reduction in the sales tax collections from retail sales of food pursuant to Section 27-65-26 and 27-65-111, has not been deposited during the preceding fiscal year into the School Ad Valorem Tax Reduction Fund created under Section 37-61-35 shall be deposited by the commissioner into the School Ad Valorem Tax Reduction Fund.

          (b)  In the event that the revenue collected in any fiscal year as a result of the tax assessed and levied under this chapter is insufficient to make the deposits required by paragraph (a) of this subsection (2), the Legislature shall appropriate to the designated funds the amounts necessary to make the required deposits.