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House Bill 1845


House Bill 1845

ARCHIVE (2005)

Latest Information

 

DIGEST OF HB 1845 (Updated February 24, 2005 11:54 pm - DI 52)


State funds and appropriations. Revises the formula for determining the state spending cap to be 99% of available general revenue. Voids general appropriations whenever total appropriations exceed 99% of available general revenue. Voids the appropriations made by a major budget bill whenever the bill or its conference committee report fails to include certain disclosures concerning the amount of spending being proposed by the general assembly. Requires the budget agency to prepare a revenue forecast. Repeals the current laws concerning the state spending growth quotient. Provides that the amount deposited in the counter-cyclical revenue and economic stabilization fund is calculated on the general fund revenue deposited in the state general fund or the property tax replacement fund. Allows money in the counter-cyclical revenue and economic stabilization fund to be transferred to the property tax replacement fund under certain circumstances. Increases the maximum amount that may be retained in the counter-cyclical revenue and economic stabilization fund from 7% to 10% of total state general fund revenues.
Current Status:
 2nd Reading in Progress
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