Signed by Governor Ed Rendell

Vote Smart's Synopsis:

Vote to concur with House amendments and pass a bill that revises the fiscal code and other existing laws to aid in the implementation of the general fund budget.

Highlights:

-Establishes a nonpartisan Independent Fiscal Office as an independent agency, and charges the Office with the following tasks (Sec. 1.2):

-Preparing revenue estimates; -Providing a baseline budget; -Providing an analysis of the executive budget; -Developing and using models to annually forecast state revenues; -Providing an assessment of the state's current fiscal condition and a projection of the future condition by November 15 of each year; -Monitoring state taxes and other receipts; and -Developing performance measures for executive programs and departments and evaluating results as reported by executive department.

-Requires the Governor to certify that the appropriations made by the General Assembly do not exceed the actual and estimated revenue and surplus available according to the official binding revenue estimate provided by the Independent Fiscal Office (Sec. 1.2). -Authorizes the appropriation of up to $50 million to be appropriated annually to carry out existing law allowing the Secretary of Forests and Waters to determine the need for and location of oil and gas land leases and to acquire the necessary land, and directs the Department of Forests and Waters to give preference to the operation and maintenance of state parks and forests with regards to this provision (Sec. 3). -Allows the Department of Revenue to determine the required format for documents it shall receive for tax purposes that are prepared by third parties who submit 50 or more returns per year (Sec. 1).

Full Bill Text

Vote Smart's Synopsis:

Vote to concur with Senate amendments and adopt additional amendments to a bill that revises the fiscal code and other existing laws to aid in the implementation of the general fund budget.

Highlights:

-Establishes a nonpartisan Independent Fiscal Office as an independent agency, and charges the Office with the following tasks (Sec. 1.2):

-Preparing revenue estimates; -Providing a baseline budget; -Providing an analysis of the executive budget; -Developing and using models to annually forecast state revenues; -Providing an assessment of the state's current fiscal condition and a projection of the future condition by November 15 of each year; -Monitoring state taxes and other receipts; and -Developing performance measures for executive programs and departments and evaluating results as reported by executive department.

-Requires the Governor to certify that the appropriations made by the General Assembly do not exceed the actual and estimated revenue and surplus available according to the official binding revenue estimate provided by the Independent Fiscal Office (Sec. 1.2). -Authorizes the appropriation of up to $50 million to be appropriated annually to carry out existing law allowing the Secretary of Forests and Waters to determine the need for and location of oil and gas land leases and to acquire the necessary land, and directs the Department of Forests and Waters to give preference to the operation and maintenance of state parks and forests with regards to this provision (Sec. 3). -Allows the Department of Revenue to determine the required format for documents it shall receive for tax purposes that are prepared by third parties who submit 50 or more returns per year (Sec. 1).

Full Bill Text