Staff Analysis of the Legislation
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SUMMARY: LC 34 4750 LC 34 4902S (SCS) Proposes a constitutional amendment to:
- decrease individual income tax on all taxpayers by 0.2 percent if the net amount of revenue deposited in the state general fund the previous fiscal year exceeds $23 billion and the general reserves fund holds at least 7 percent of that amount
- decrease individual income tax on all taxpayers by an additional 0.2 percent (to a maximum of 5 percent) if the net amount of revenue deposited in the state general fund the previous fiscal year exceeds $23.6 billion and the general reserves fund holds at least 7 percent of that amount
- allow the General Assembly to appropriate revenues in excess of the above only after the adoption of a joint resolution of the General Assembly by 3/5 majority on a roll-call vote
EFFECTIVE DATE: January 1, 2017 if passed by 2/3 majority of both the House and Senate and approved by the voters.
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