Legislation AB1777: The Creative Industries & Community Economic Revitalization Act of 2010

AB1777 (known previously as AB700) establishes the Creative Industries and Community Economic Revitalization Fund in the State Treasury, and requires that 20% of all revenues derived from the payment of sales and use taxes that are remitted to the State Board of Equalization by the taxpayers engaged in specified lines of business, as provided, be deposited in the fund. The California Arts Council (CAC) would be authorized to expend the moneys in the fund, upon appropriation by the Legislature, to issue grants pursuant to the act, as specified.