SJR 50 Limits general revenue appropriations and mandates state income tax rate reductions in certain situations
Sponsor: Lager
LR Number: 5139S.02I Fiscal Note:
Committee: Ways & Means
Last Action: 3/3/2008 - Second Read and Referred S Ways & Means Committee Journal Page: S425
Title: Calendar Position:
Effective Date: Upon voter approval

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Current Bill Summary

SJR 50 - This constitutional amendment, if approved by voters, would limit state general revenue appropriations to the amount of appropriations made in the previous fiscal year increased by an inflationary growth factor. In any fiscal year where net general revenue collections exceed total state general revenue appropriations by more than one percent of total general revenue appropriations, the excess over one percent will be transferred to the newly created cash operating reserve fund to be used to reduce all state income tax rates. The amendment provides procedures for appropriating revenues in excess of the appropriation limitation and restoring certain expenditures of the state or any of its agencies when no other funds are available in cases of emergency.

This proposed constitutional amendment is identical to HJR 70 (2008).