SB55 Alabama 2015 1st Special Session

Summary

Primary Sponsor

Paul Sanford

Republican

Session

First Special Session 2015

Title

Alabama Recurring Revenue Fund, established, to receive certain percentages of recurring revenue sources of the Education Trust Fund and the State General Fund

Summary

SB55 creates the Alabama Recurring Revenue Fund to collect recurring revenues for the Education Trust Fund and the State General Fund and distributes them monthly (78% to ETF, 22% to SGF).

What This Bill Does

SB55 establishes a separate Alabama Recurring Revenue Fund in the State Treasury. It deposits recurring revenues dedicated for the Education Trust Fund and the State General Fund into this new fund, and each month distributes 78% to the Education Trust Fund and 22% to the State General Fund. The Department of Revenue must certify that the ETF portion keeps total ETF revenue at least equal to the income tax receipts that would have been deposited into the ETF before the bill. It also clarifies how these funds interact with the ETF Rolling Reserve Act, repeals conflicting laws, and sets an effective date of October 1, 2015, including definitions of recurring vs nonrecurring revenue.

Who It Affects

• Education Trust Fund: would receive 78% of monthly distributions from the Alabama Recurring Revenue Fund and its total revenue must be at least equal to the income tax receipts that would have gone to the ETF prior to enactment.
• State General Fund: would receive 22% of monthly distributions from the Alabama Recurring Revenue Fund.

Key Provisions

• Establishes the Alabama Recurring Revenue Fund as a separate fund in the State Treasury into which recurring revenues dedicated for the Education Trust Fund and the State General Fund are deposited.
• Provides for monthly distributions from the Fund: 78% to the Education Trust Fund and 22% to the State General Fund.
• Requires the Department of Revenue to certify that the ETF share is sufficient to ensure ETF total revenue equals the income tax receipts that would have been deposited into the ETF before enactment.
• Treats distributions to the Education Trust Fund under this act as the ETF's recurring revenue for purposes of the ETF Rolling Reserve Act and the fiscal year appropriation cap.
• Repeals laws that conflict with this act.
• Effective October 1, 2015.

AI-generated summary using openai/gpt-5-nano on Feb 24, 2026. May contain errors — refer to the official bill text for accuracy.

Subjects

Appropriations