136.648 Gross revenues and excise tax fund and state baseline and local growth

304 words·~1 min read·/ky/136-648

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

fund -- Creation and administration of funds.

(1)There is established in the State Treasury a gross revenues and excise tax fund. The

fund shall be held and administered by the Finance and Administration Cabinet.

The cabinet shall invest money in the fund in the same manner as money in the state

general fund.

(2)There is established in the State Treasury a state baseline and local growth fund.

The fund shall be held and administered by the Finance and Administration

Cabinet. The cabinet shall invest money in the fund in the same manner as money in

the state general fund.

(3)All revenue from the tax imposed under KRS 136.604 and 136.616, including all

penalties and interest attributable to the nonpayment of the tax or for

noncompliance with KRS 132.825 and 136.600 to 136.660 shall be deposited into

gross revenues and excise tax fund. Amounts deposited in the gross revenues and

excise tax fund shall be allocated among the state, political subdivisions, school

districts and special districts as provided in KRS 136.648, 136.650, 136.652,

136.654, and 136.656.

(4)All money in the gross revenues and excise tax fund designated for distribution to

political subdivisions under KRS 136.648, 136.650, 136.652, 136.654, and

136.656:

(a)Shall not be withheld or reduced by the General Assembly or any state agency

for any reason, except for adjustments provided for within KRS 132.825 and

136.600 to 136.660; and

(b)Shall be used solely and exclusively for the provision of services to the

general public, including public protection, health services, education,

libraries, transportation services, and economic development. No amount shall

be used for purely local purposes affecting only the inhabitants of the

particular political subdivision, such as the administration of local

government. Neither the General Assembly nor any state agency shall

mandate how the funds are to be used.