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2003 SESSION

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HJ 760 Constitutional amendment (first resolution); limit on appropriations.

Introduced by: Christopher B. Saxman | all patrons    ...    notes | add to my profiles

SUMMARY AS INTRODUCED:

Constitutional amendment (first resolution); limit on appropriations. Limits total appropriations in any fiscal year to the preceding year's total appropriations plus a percentage increase equal to the past two years' average rate of inflation plus rate of population growth. The amendment provides that any revenues collected in excess of the limitation shall be distributed: 25 percent for debt reduction; 50 percent divided into thirds for programs in the Secretariats of Education, Public Safety, and Transportation; and 25 percent to be refunded to individual income taxpayers. "Total appropriations" is defined to exclude moneys appropriated that are received from the federal government or an agency or unit thereof. The General Assembly may appropriate funds in excess of the stated limitation by a vote of two-thirds of the members elected to each house. If the amount in excess of the limitation is less than or equal to one percent of the limitation, the total excess shall be deposited to the Revenue Stabilization Fund. This resolution is incorporated into HJR 592.


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