California Revenue and Taxation Code

§ 8503

RTC § 8503 Effective Jan 1, 2003Div. 2 · Part 2 · Ch. 12

Statute text

(a)Prior to imposing the tax, the commission shall adopt a regional transportation expenditure plan for the revenues derived from the tax. The regional transportation expenditure plan shall describe specific proposed transportation projects and the estimated cost of each project.

(b)The regional transportation expenditure plan shall also meet the following minimum objectives and criteria:

(1)Project expenditures shall reflect an equitable distribution of revenues throughout the region with not less than 95 percent of revenues from each county, based on population, being invested over the 20-year life of the tax in projects attributable to that county. In addition, during every five-year period, no less than 80 percent of the revenues from each county, based on population, invested during that period shall be invested in projects attributable to that county. The commission shall allocate any accrued interest according to the same formula. At the time of the development of the expenditure plan, the commission shall use population data from the most recent United States census, and shall take into account estimated increases in population over the 20-year period projected by the Association of Bay Area Governments.

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Legislative history

Amended by Stats. 2002, Ch. 161, Sec. 1. Effective January 1, 2003.