Vote to pass a joint resolution proposing a constitutional amendment that limits general revenue spending. Increases are to be made according to population growth rate plus the rate of inflation.
- Allows the General Assembly to exceed the general revenue spending limit only if the governor has declared an emergency (Sec. A).
- Excess general revenue collections are to be used for the Budget Reserve Fund, the Cash Operating Reserve Fund, and to permanently reduce the state income tax (Sec. A).
- Exempts new or increased tax revenues approved by voters (Sec. A).
- Substitute offered by the House Committee on Budget.
NOTE: THIS IS A SUBSTITUTE BILL, MEANING THE LANGUAGE OF THE ORIGINAL BILL HAS BEEN REPLACED. THE DEGREE TO WHICH THE SUBSTITUTE BILL TEXT DIFFERS FROM THE PREVIOUS VERSION OF THE TEXT CAN VARY GREATLY.
NOTE: AN AMENDMENT TO THE CONSTITUTION REQUIRES APPROVAL BY A SIMPLE MAJORITY IN THE HOUSE AND THE SENATE, AND THEN APPROVAL BY A SIMPLE MAJORITY OF VOTERS DURING AN ELECTION.