AB508
AN ACT relating to state financial administration; requiring the Economic Forum to provide an estimate of future State revenue required to be credited to the State Education Fund; revising provisions governing the disposition of proceeds of the tax on wholesale sales of cannabis; revising requirements for certain reservations of money in and recommendations for the proposed executive budget for the support of public schools; revising the date for certain payments to the State Education Fund; making an appropriation to the Cannabis Compliance Board; and providing other matters properly relating thereto. Close title AN ACT relating to state financial administration; requiring the Economic Forum to provide an estimate of future State revenue required to be credited to the State Education Fund; revising provisions governing the disposition of proceeds of the tax on wholesale sales of cannabis; revising requirements for certain reservations of money in and recommendations for the proposed executive budget for the support of public schools; revising the date for certain payments to the State Education Fund; making an appropriation to the Cannabis Compliance Board; and providing other matters properly relating thereto.
Introduction Date
Monday, March 24, 2025
Primary Sponsor
Assembly Committee on Ways and Means
Public exhibits
0
Support 0 · Opp 0 · Neutral 0
Auditor findings
0
recusal 0 · QPQ 0
AN ACT relating to state financial administration; requiring the Economic Forum to provide an estimate of future State r
Existing law requires the Governor, on or before July 1 of each even-numbered year, to impanel an Economic Forum consisting of economic and financial experts appointed by the Governor to provide an estimate of the revenue that will be collected by the State for general, unrestricted uses during the subsequent biennium and to make such additional projections for economic indicators as the Economic Forum deems necessary to ensure that this estimate is accurate. (NRS 353.226, 353.228) Existing law creates the State Education Fund for the purpose of supporting the operation of the public schools in this State and requires certain revenues of the State be deposited in the Fund. (NRS 387.1212) Section 1 of this bill requires the Economic Forum to provide, in addition to an estimate of general, unrestricted revenues, an estimate of the revenue that will be collected by the State in the subsequent biennium that is required to be deposited for credit to the State Education Fund. Existing law requires the Governor, to the extent practicable, to ensure that money in the State General Fund is reserved in the proposed executive budget for transfer to the State Education Fund in an amount that equals the amount transferred in the immediately preceding biennium: (1) plus the greater of the rate of increase in revenue collected for general, unrestricted uses as projected by the Economic Forum or the combined rate of inflation and the growth of enrollment in the public schools in this State i
NELIS exhibits (0 on file)
No public exhibits in the NELIS scrape.
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