(at the request of Senate Interim Commission on Educational Excellence)
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Bill Title:
Relating to corporate tax revenues in excess of estimates; prescribing an effective date.
Catchline/Summary:
Establishes Rainy Day Savings Account. Establishes Rainy Day Savings Account. Requires that if revenues from corporate income and excise taxes exceed two percent of estimate for biennium, total amount of excess be transferred to account.
Requires that after ending balance for biennium is determined, amount equal to one percent of General Fund appropriations for biennium be transferred from ending balance to account. Requires that if ending balance does not equal or exceed one percent of General Fund appropriations, entire ending balance be transferred to account.
Establishes Education Capital Construction Account. Specifies that moneys in account may be used only for capital construction projects for public education. Requires that if moneys in Rainy Day Savings Account equal 10 percent of General Fund revenues collected during prior biennium, moneys that otherwise would have been transferred to Rainy Day Savings Account be transferred to Education Capital Construction Account.
Provides that Legislative Assembly may appropriate moneys from Rainy Day Savings Account only under specified conditions.
Does not take effect unless voters approve Senate Joint Resolution 3 (2007) at special election. Takes effect on 91st day following adjournment of Seventy-fourth Legislative Assembly if voters approve resolution.
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SB 48 House Committee On Revenue
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