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Ch. 288 2002 LAWS OF MARYLAND
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a value less than $1.00 for each pack of 20 cigarettes must be stamped with the
additional stamps necessary to make the aggregate value equal to $1.00. In lieu of the
additional stamps necessary to make the aggregate tax value equal to $1.00 the
Comptroller may provide an alternate method of collecting the additional tax. The
revenue attributable to this requirement shall be remitted to the Comptroller by
September 30, 2002. Except as provided above, on and after June 1, 2002, no
Maryland stamp shall be used except the stamp issued by the Comptroller to evidence
the tobacco tax on cigarettes of $1.00 imposed by this Act.
SECTION 18. AND BE IT FURTHER ENACTED, That;
(a) In this section, "Special Fund" means the special fund established under
this section.
(b) (1) A Special Fund is established to dedicate certain tobacco tax
revenues for education aid purposes as provided in this section.
(2) The Special Fund is a continuing, nonlapsing fund which is not
subject to § 7-302 of the State Finance and Procurement Article.
(3) The Special Fund consists of the tobacco tax revenues distributed to
the Fund under subsection (c) of this section.
(4) The Treasurer shall separately hold, and the Comptroller shall
account for, the Special Fund.
(5) (i) The Special Fund shall be invested and reinvested in the same
manner as other State funds.
(ii) Any investment earnings shall be credited to the General Fund
of the State.
(c) Notwithstanding § 2-1603 of the Tax - General Article or any other
provision of law, for fiscal year 2003 only, after making the distributions required
under §§ 2-1601 and 2-1602 of the Tax - General Article, from the remaining tobacco
tax revenue, the Comptroller shall distribute:
(1) $78,534,611 $78,533.604 $80,523,604 to the Special Fund; and
(2) The remaining balance to the General Fund of the State.
(d) (1) Except as otherwise provided in this Act, moneys in the Special Fund
shall be retained in the Special Fund and may not be spent for any purpose.
(2) Of the moneys credited to the Special Fund, subject to the budget
amendment procedure provided for in § 7-209 of the State Finance and Procurement
Article:
(i) $62,656,835 $64,656,835 may be used to make grants for fiscal
year 2003 to county boards of education and the New Baltimore City Board of School
Commissioners as provided under Section 11 of this Act;
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