Effective 7-1-2027. Sec. 20. (a) The state and local income tax holding account is established within the state general fund for the purposes of this chapter. The budget agency shall administer the account. The account consists of the following: (1) Money transferred to the account under section 21 of this chapter. (2) Money transferred to the account from any other source. (3) Interest that accrues from money in the account. (b) The treasurer of state shall invest the money in the account not currently needed for the purposes of the account in the same manner as other public funds may be invested. (c) Money in the account is continuously appropriated for the purposes of this chapter. (d) Money in the account at the end of a state fiscal year does not revert to the state general fund. (e) Money transferred to the account shall be distributed and allocated as set forth in this chapter. (f) The budget director shall have the discretion to manage transfers of money into and out of the account based on the current process used for continuous assessment of revenue flows and reconciliation based on the latest data.
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