(a.1) (1) (A) There shall be established a Georgia Transit Trust Fund as a separate fund in the state treasury. The commissioner of transportation shall be the trustee of the fund.
(B) The state treasurer shall invest the money held in the Georgia Transit Trust Fund in the same manner in which state funds are invested as authorized by the State Depository Board pursuant to Article 3 of Chapter 17 of Title 50. Interest earned by the money held in the trust fund shall be accounted for separately and shall be credited to the trust fund to be disbursed as other moneys in the trust fund.
(2) Under the authority granted and subject to the conditions imposed by Article III, Section IX, Paragraph VI(r) of the Constitution of Georgia, for the period beginning on July 1, 2022, and ending on June 30, 2032, all of the money collected pursuant to subsection (a) of this Code section shall be annually appropriated to the Georgia Transit Trust Fund established by paragraph (1) of this subsection and such funds shall not lapse as otherwise required by Article III, Section IX, Paragraph IV(c) of the Constitution of Georgia. Each annual appropriation shall be made through the General Appropriations Act and shall include all of the money collected from such source during the most recently completed fiscal year.
(3) All of the money appropriated to the Georgia Transit Trust Fund pursuant to paragraph (2) of this subsection shall be dedicated for use by one or more transit providers on transit projects.
(4) The commissioner of transportation shall prepare an accounting of the funds expended pursuant to this subsection during the most recently completed fiscal year to be provided to the Office of Planning and Budget, the House Budget and Research Office, and the Senate Budget and Evaluation Office by January 1 of each year.
History. Code 1981, § 48-13-141 , enacted by Ga. L. 2020, p. 903, § 2-2/HB 105; Ga. L. 2021, p. 761, § 19/HB 511.
Delayed effective date.
Code Section 48-13-141 is set out twice in this Code. This version is effective July 1, 2022. For version effective until July 1, 2022, see the preceding version.
The 2021 amendment, effective July 1, 2022, added subsection (a.1), and deleted former subsections (c) and (d), which read: “(c) It is the intention of the General Assembly, subject to appropriations, that the proceeds of the tax levied pursuant to subsection (a) of this Code section shall be appropriated to a transit provider to be used exclusively for transit projects.
“(d) If the amount collected under this Code section is ever not appropriated for a fiscal year as provided by subsection (c) of this Code section, as determined jointly by the House Budget and Research Office and the Senate Budget and Evaluation Office, then the amount levied shall be reduced by 50 percent. Upon the conclusion of a second fiscal year in which the amount collected is not so appropriated, this Code section shall stand repealed and reserved, and such fees shall cease to be levied on the date the appropriations Act for such fiscal year becomes effective. Such budget offices shall certify any such lack of appropriations to the Code Revision Commission for purposes of updating the Code in accordance with this subsection.”
Code Commission notes.
Pursuant to Code Section 28-9-5, in 2021, a second paragraph (a.1)(3) was redesignated as paragraph (a.1)(4).
Editor’s notes.
Ga. L. 2021, p. 761, § 23/HB 511, not codified by the General Assembly, provides: “In accordance with the requirements of Article III, Section IX, Paragraph VI(r) of the Constitution of Georgia, this Act shall not become law unless it receives the requisite two-thirds’ majority vote in both the Senate and the House of Representatives and the amount of the funds dedicated by this Act do not equal or exceed 1 percent of the previous fiscal year’s state revenues subject to appropriations.