Income tax, state; distribution of revenues to localities, funds for local school construction.

Individual income tax; distribution of revenues;local school construction. Requires distribution of one percentof the individual income tax revenues collected from residents ofa locality to be distributed to that locality. The bill requiressuch funds to be used for school construction or renovation purposesand to be repaid to the state if used for any other purpose. Thebill provides that a locality shall be required to maintain its levelof expenditure for public school purposes as a condition of receivingthe income tax revenues; however, a locality may reduce its levelof expenditure to account for a loss of revenues resulting from areduction in machinery and tools taxes or license taxes.