(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 chapter. Notwithstanding any law to the contrary, the Legislature shall appropriate not less than one hundred million dollars ($100,000,000) to the fund for the fiscal year ending September 30, 2026. (2) For the fiscal year ending September 30, 2026, the Commissioner of Revenue shall deposit one hundred million dollars ($100,000,000) of gross income tax receipts into the CHOOSE Act Fund by June 1, 2026. For the fiscal year ending September 30, 2027, and continuing annually thereafter, the Commissioner of Revenue shall deposit an amount of gross income tax receipts into the CHOOSE Act Fund by June 1 of each year for parents of eligible students whose family had an adjustable gross income not exceeding 300 percent of the federal poverty level for the preceding tax year, but not to exceed one hundred fifty million dollars ($150,000,000). (3) The Legislature shall make additional funds available to the CHOOSE Act Fund if the Commissioner of Revenue certifies that additional funds are necessary to satisfy consumer demand for the program based on prior-year participation in the program as reflected by the obligation of 90 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 Article 4 of Chapter 4 of Title 41 and Chapter 19 of Title 41; provided that neither the CHOOSE Act Fund nor individual 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 chapter; provided that in no circumstances shall more than five hundred million dollars ($500,000,000) 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 CHOOSE Act Fund. If the amount of excess, unused, accumulated money in the CHOOSE Act Fund as determined by the commissioner exceeds five hundred million dollars ($500,000,000), the excess shall revert to the Education Trust Fund to become available for appropriation by the Legislature as nonrecurring revenue pursuant to Chapter 9 of Title 29. (d) It is not the intent of this chapter to make appropriations, but any appropriations required by this chapter shall be from revenue sources available for appropriation under the Constitution of Alabama of 2022 notwithstanding any general law to the contrary.
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