Introduced by Representative Howard of Rutland City
Subject: Campaign finance; corporate fees; redirection
Statement of purpose: This bill proposes to redirect the corporate tax that is dedicated to the Vermont campaign fund to a legislative research fund that can be used for fellowships and an intern program for the legislature.
AN ACT RELATING TO THE LEGISLATIVE RESEARCH FUND
It is hereby enacted by the General Assembly of the State of Vermont:
Sec. 1. 17 V.S.A. § 2857 is added to read:
§ 2857. LEGISLATIVE RESEARCH FUND
(a) The legislative research fund is created which shall be used to finance a fellowship/internship program in order to supplement the staff available for research in the legislature. The fund shall be administered by the state treasurer, and payments shall be made under warrants issued by the joint fiscal committee. The internship program supervisor would be hired by the legislative council. The program shall offer paid fellowships to public policy and law students to do research and outreach.
(b) The fund shall consist of revenues from the following sources:
(1) Forty percent of the amounts paid as annual report fees by domestic corporations under subdivision 1.22(a)(17) of Title 11A and 33 percent of the amounts paid as annual report fees by foreign corporations under subdivision 1.22(a)(16) of Title 11A.
(2) Any gifts received by the fund.
(3) Any amounts appropriated to the Vermont campaign fund by act of the general assembly.
(c) All principal and interest remaining in the fund at the close of any fiscal year shall not revert but shall remain in the fund for use in succeeding fiscal years.
Sec. 2. REPEAL
17 V.S.A. § 2856(b)(3) (corporate contributions to the Vermont campaign fund) is repealed.
The Vermont General Assembly
115 State Street