DIGEST OF INTRODUCED BILL
State spending cap. Provides a control on state expenditures based on the change in gross Indiana nonfarm personal income as reported by the United States Department of Commerce, Bureau of Economic Analysis. Requires the budget agency to determine and publish each even-numbered year the Indiana nonfarm personal income growth index (the IPI growth index) in the Indiana Register. Provides for emergency expenditures. Provides for mandatory reductions in expenditures. Repeals business cycle spending controls replaced by the spending cap established by this act.