The House Democrats released new details on their revenue estimates from their new budget proposal adopted Friday in House Bill 1531. (click here for briefing sheet)
The new information included a phase in revenues raised under the natural gas severance tax. Revenue would begin to be transfered to these uses in January 2010--
-- 4.5 percent to municipalities where natural gas is taxed; and
-- 4.5 percent to counties where natural gas is taxed.
Revenues would begin to be transfer to the remaining uses in January 2012--
-- 60 percent to the General Fund;
-- 3 percent to DPW for low-income energy assistance;
-- 15 percent to the Environmental Stewardship Fund;
-- 4 percent to the Hazardous Sites Cleanup Fund;
-- 5 percent to the Liquid Fuels Tax Fund;
-- 2 percent to Game Commission; and
-- 2 percent to Fish and Boat Commission.
The legislation would also extend the Personal Income Tax Checkoffs for the Wild Resource Conservation Fund through January 1, 2014.
The Resource Enhancement and Protection (REAP) Tax Credit would be reduced from $10 million to $6.7 million for FY 2009-10 and 2010-11.
The Alternative Energy Tax Credit Program would be eliminated.