Requires the department of revenue to make deposits in the local sales and use tax account on a monthly basis on the last business day of the month in which certain distributions are due. Requires the state treasurer to determine the amount of earnings on investments that would have been credited to the local sales and use tax account if the collections had been deposited in the account over the prior month. (Companion Bill: SB 6633).   Official Text and Analysis.

Requires the local share of retail sales and use taxes be transferred from the State General Fund into the Local Sales and Use Tax Account on a monthly basis rather than on a daily basis. Requires any foregone interest that otherwise would have accrued to the Local Sales and Use Tax Account be replaced by a transfer from the State General Fund.

Requires the local share of retail sales and use taxes be transferred from the State General Fund into the Local Sales and Use Tax Account on a monthly basis rather than on a daily basis.