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2005 SESSION
SJ 408 Constitutional amendment (first resolution); limit on appropriations.
Introduced by: Ken T. Cuccinelli, II | 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 rate of inflation plus a factor for population increases. The bill provides that if excess revenues are less than or equal to one-half of one percent of the limitation, the total excess shall be deposited into the Revenue Stabilization Fund and the general fund. If excess revenues are greater than one-half of one percent of the limitation, a portion of the excess revenues shall be returned 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 make appropriations in excess of the limitation only by a vote equal to or greater than 60 percent of the members voting in each house, including a majority of the members elected to that house.
FULL TEXT
HISTORY
- 01/14/05 Senate: Presented & ordered printed 052941720
- 01/14/05 Senate: Referred to Committee on Privileges and Elections
- 02/01/05 Senate: Rereferred from P.& E. (15-Y 0-N)
- 02/01/05 Senate: Rereferred to Finance
- 02/08/05 Senate: Left in Finance