Section 16-NEW - [Newly enacted section not yet numbered] CHOOSE Act Fund created(a)(1) The CHOOSE Act Fund is created in' the State Treasury for the purpose of providing funding for the tax credits authorized by this act. Notwithstanding any other provisions of law to the contrary, the Legislature shall appropriate not less than $100 million to this fund beginning with appropriations made for the fiscal year ending September 30, 2026, and continuing annually thereafter.(2) In future fiscal years, it is the intent of the Legislature to increase appropriations to the CHOOSE Act Fund if the Commissioner of Revenue certifies that increased appropriations are necessary to satisfy consumer demand for the program based on prior-year participation in the program as reflected by the expenditure of ninety percent or more of the funds available in the CHOOSE Act Fund.(b) Amounts in the CHOOSE Act Fund shall be budgeted and allotted in accordance with Sections 41-4-80 through 41-4-96 and Sections 41-19-1 through 41-19-12; provided that ' neither the CHOOSE Act Fund nor individuals ESAs shall be subject to Section 41-4-90.(c) All funds received by the CHOOSE Act Fund shall remain in the CHOOSE Act Fund and shall not revert or be expended for any purpose other than the tax credits authorized by this act; provided that in no circumstances shall more than $500 million in excess, unused, accumulated funds be allowed to carry over in the CHOOSE Act Fund. Before the end of each year, the Commissioner of Revenue shall determine the amount of excess, unused, accumulated money in the Fund. If the amount of excess, unused, accumulated money in the Fund as determined by the Commissioner exceeds $500 million, then such excess shall revert to the Education Trust Fund to become available for appropriation by the Legislature.(d) It is not the intent of this act to make appropriations, but any appropriations required by this act shall be from revenue sources available for appropriation under the Constitution of Alabama of 2022 notwithstanding any general law to the contrary.Ala. Code § 16-NEW (1975)
Added by Act 2024-21,§ 8, eff. 3/7/2024.