Revenue sharing is a funding arrangement in which one government unit grants a portion of its tax income to another government unit. For example, provinces or states may share revenue with local governments, or national governments may share revenue with provinces or states. Laws determine the formulas by which revenue is shared, limiting the controls that the unit supplying the money can exercise over the receiver and specifying whether matching funds must be supplied by the receiver.
This form is a generic example that may be referred to when preparing such a form for your particular state. It is for illustrative purposes only. Local laws should be consulted to determine any specific requirements for such a form in a particular jurisdiction.
Idaho Revenue Sharing Agreement is a legal contract that outlines the distribution of revenue generated from various sources between the state of Idaho and its local government entities. This agreement ensures a fair allocation of funds to support the provision of essential services and infrastructure development at the local level. The objective of the Idaho Revenue Sharing Agreement is to foster a cooperative relationship between the state government and local jurisdictions, ensuring that resources are distributed equitably based on specific criteria. One of the primary goals is to account for the varying needs and capabilities of different local jurisdictions, taking into consideration factors like population, economic activity, and service demands. There are different types of Idaho Revenue Sharing Agreements based on the revenue sources involved: 1. Sales Tax Revenue Sharing: This type of agreement involves the distribution of revenue generated from the sales tax imposed at the state level. A portion of the sales tax revenue is allocated to local governments based on predetermined formulas to fund local projects and services. 2. Gas Tax Revenue Sharing: Revenue generated from the state gas tax is shared with local jurisdictions based on specific formulas. This allocation aims to support maintenance and improvements of local transportation infrastructure, including roads, bridges, and public transit systems. 3. Income Tax Revenue Sharing: Idaho also has income tax revenue sharing agreements, under which a portion of the income tax revenue collected by the state is distributed to local governments. This helps support various local programs, including education, public safety, and healthcare. 4. Lottery Revenue Sharing: Lottery revenue generated within the state is shared with local governments to support community-specific projects and initiatives. These funds can be utilized for recreational facilities, parks, and cultural programs. It is important to note that the specific terms and conditions of Idaho Revenue Sharing Agreements may vary depending on the statutory requirements, local government needs, and the overall fiscal situation. The agreements are typically renewed periodically, allowing for regular evaluation of the revenue distribution formulas to ensure fairness and effectiveness in meeting the respective objectives of the state and local jurisdictions.Idaho Revenue Sharing Agreement is a legal contract that outlines the distribution of revenue generated from various sources between the state of Idaho and its local government entities. This agreement ensures a fair allocation of funds to support the provision of essential services and infrastructure development at the local level. The objective of the Idaho Revenue Sharing Agreement is to foster a cooperative relationship between the state government and local jurisdictions, ensuring that resources are distributed equitably based on specific criteria. One of the primary goals is to account for the varying needs and capabilities of different local jurisdictions, taking into consideration factors like population, economic activity, and service demands. There are different types of Idaho Revenue Sharing Agreements based on the revenue sources involved: 1. Sales Tax Revenue Sharing: This type of agreement involves the distribution of revenue generated from the sales tax imposed at the state level. A portion of the sales tax revenue is allocated to local governments based on predetermined formulas to fund local projects and services. 2. Gas Tax Revenue Sharing: Revenue generated from the state gas tax is shared with local jurisdictions based on specific formulas. This allocation aims to support maintenance and improvements of local transportation infrastructure, including roads, bridges, and public transit systems. 3. Income Tax Revenue Sharing: Idaho also has income tax revenue sharing agreements, under which a portion of the income tax revenue collected by the state is distributed to local governments. This helps support various local programs, including education, public safety, and healthcare. 4. Lottery Revenue Sharing: Lottery revenue generated within the state is shared with local governments to support community-specific projects and initiatives. These funds can be utilized for recreational facilities, parks, and cultural programs. It is important to note that the specific terms and conditions of Idaho Revenue Sharing Agreements may vary depending on the statutory requirements, local government needs, and the overall fiscal situation. The agreements are typically renewed periodically, allowing for regular evaluation of the revenue distribution formulas to ensure fairness and effectiveness in meeting the respective objectives of the state and local jurisdictions.
