Senate Joint Resolution 12

Establishes reserve fund intended to provide funding in response to economic decline. Establishes mandated savings rate from excess revenues. Transfers excess corporate income and excise tax revenues to reserve fund. Transfers excess personal income tax revenues to reserve fund if revenues exceed estimated revenues by six percent or less. If personal income tax revenues exceed estimated revenues by more than six percent, transfers that portion of revenues that exceed estimate by six percent to reserve fund and returns that portion of revenues that exceed estimate by more than six percent to personal income taxpayers. Suspends transfers to reserve fund if amount in fund equals 14 percent or more of legislatively approved budget from General Fund sources in prior biennium. If transfers to fund are suspended, returns excess revenues to corporate income and excise taxpayers and personal income taxpayers. Specifies conditions for appropriation of moneys from reserve fund. Refers proposed amendment to people for their approval or rejection at next regular general election.

l9n doesn't hold this bill's text yet.

In the Senate Jan 14 – Jul 8

1. Jan 14Introduced
2. Jan 16Sent to Finance and Revenue
3. Mar 18Heard in Finance and Revenue
4. Jul 8Died when the session ended