SCS/HCS/HJR 34 - 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.
The constitutional amendment also subjects all tax credits to appropriations, beginning July 1, 2017.
This proposed constitutional amendment is similar to SJR 9 (2015), HJR 11 (2015), SJR 26 (2014), HJR 75 (2014), SJR 2 (2013), SJR 46 (2012), SJR 20 (2011), SJR 35 (2010), SJR 13 (2009), and SJR 50 (2008).