INITIATIVE CONSTITUTIONAL AMENDMENT.
- Prohibits certain motor vehicle fuel sales and use taxes, that are earmarked for the Transportation Investment Fund, from being retained in the General Fund. Currently such taxes may be retained if Governor issues a proclamation, a special statute is enacted by a 2/3 vote of the Legislature, repayment occurs within three years, and certain other conditions are met.
- Requires repayment by 6/30/17 of such vehicle fuel taxes retained in General Fund from 7/1/03 to 6/30/08. Currently repayment is generally required by 6/30/16.
- Changes how and when General Fund borrowing of certain transportation funds is allowed.
SUMMARY OF LEGISLATIVE ANALYST'S ESTIMATE OF NET STATE AND LOCAL GOVERNMENT FISCAL IMPACT:
- Increases stability of state funding for highways, streets, and roads and may decrease stability of state funding for public transit. May reduce stability of certain local funds for public transit.
TEXT OF PROPOSED LAW HERE.
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