HCS SS SB 549 -- TOBACCO SETTLEMENT FUND
SPONSOR: Quick (Van Zandt)
COMMITTEE ACTION: Voted "do pass" by the Committee on Missouri Tobacco Settlement by a vote of 15 to 0.
This substitute creates the Missouri Tobacco Settlement Trust Fund. All moneys received by the state as a result of any dispute between the state and tobacco companies will be deposited in the fund. Moneys in the fund will not revert to the credit of general revenue at the end of the biennium. The General Assembly may not appropriate money from the fund until a constitutional amendment is adopted by a vote of the people or January 3, 2001, whichever occurs sooner.
The Commissioner of Administration will maintain data on electronic format which will be available to the public on the Internet regarding deposits to and expenditures from the fund.
The patent and intellectual property provisions of the federal Bayh-Dole Act as codified in the U.S. Code are fully incorporated into the bill by reference, with the state of Missouri replacing all references to the federal government and federal agency.
The substitute contains an emergency clause.
FISCAL NOTE: Income to Missouri Settlement Trust Fund of $135,420,621 in FY 2001, $162,447,798 in FY 2002, and $164,044,888 in FY 2003. Cost to General Revenue Fund of $135,420,621 in FY 2001, $162,447,798 in FY 2002, and $164,044,888 in FY 2003.
PROPONENTS: Supporters say that this bill will provide a depository for funds received by the state from the tobacco settlement. It is possible the state can begin receiving moneys as early as April 2000. The fund would allow accounting of these moneys.
Testifying for the bill were Senator Quick; Office of the Attorney General; AARP; and Missouri Association for Social Welfare.
OPPONENTS: There was no opposition voiced to the committee.
Bill Tucker, Assistant Director of Research