PRINTER'S NO. 3858
No. 2600 Session of 2004
INTRODUCED BY FLICK, LEH, SAYLOR, SHANER, ADOLPH, ALLEN, ARMSTRONG, BAKER, BALDWIN, BARRAR, BASTIAN, BENNINGHOFF, BOYD, BROWNE, BUNT, CAPPELLI, CAUSER, CRAHALLA, CREIGHTON, DALEY, DALLY, DeLUCA, DENLINGER, EGOLF, FAIRCHILD, FICHTER, FORCIER, GABIG, GANNON, GEIST, GERGELY, GILLESPIE, HANNA, HARRIS, HERSHEY, HESS, HICKERNELL, HUTCHINSON, KILLION, LEWIS, MAHER, MAJOR, MARKOSEK, MARSICO, McNAUGHTON, METCALFE, MUSTIO, NAILOR, NICKOL, PETRARCA, PHILLIPS, PICKETT, REICHLEY, SAINATO, SATHER, SCAVELLO, SCHRODER, STERN, R. STEVENSON, E. Z. TAYLOR, TRUE, WATSON, WILT, WOJNAROSKI, WRIGHT AND YOUNGBLOOD, MAY 12, 2004
REFERRED TO COMMITTEE ON FINANCE, MAY 12, 2004
AN ACT 1 Amending the act of April 9, 1929 (P.L.343, No.176), entitled, 2 as amended, "An act relating to the finances of the State 3 government; providing for the settlement, assessment, 4 collection, and lien of taxes, bonus, and all other accounts 5 due the Commonwealth, the collection and recovery of fees and 6 other money or property due or belonging to the Commonwealth, 7 or any agency thereof, including escheated property and the 8 proceeds of its sale, the custody and disbursement or other 9 disposition of funds and securities belonging to or in the 10 possession of the Commonwealth, and the settlement of claims 11 against the Commonwealth, the resettlement of accounts and 12 appeals to the courts, refunds of moneys erroneously paid to 13 the Commonwealth, auditing the accounts of the Commonwealth 14 and all agencies thereof, of all public officers collecting 15 moneys payable to the Commonwealth, or any agency thereof, 16 and all receipts of appropriations from the Commonwealth, 17 authorizing the Commonwealth to issue tax anticipation notes 18 to defray current expenses, implementing the provisions of 19 section 7(a) of Article VIII of the Constitution of 20 Pennsylvania authorizing and restricting the incurring of 21 certain debt and imposing penalties; affecting every 22 department, board, commission, and officer of the State 23 government, every political subdivision of the State, and 24 certain officers of such subdivisions, every person, 25 association, and corporation required to pay, assess, or
1 collect taxes, or to make returns or reports under the laws 2 imposing taxes for State purposes, or to pay license fees or 3 other moneys to the Commonwealth, or any agency thereof, 4 every State depository and every debtor or creditor of the 5 Commonwealth," further providing for funding for the Budget 6 Stabilization Reserve Fund. 7 The General Assembly of the Commonwealth of Pennsylvania 8 hereby enacts as follows: 9 Section 1. Section 1702-A of the act of April 9, 1929 10 (P.L.343, No.176), known as The Fiscal Code, added June 29, 2002 11 (P.L.614, No.91), is amended to read: 12 Section 1702-A. Funding. 13 * * * 14 (b) Transfer of portion of surplus.-- 15 (1) Except as may be provided in paragraph (2), for the 16 fiscal year beginning July 1, 2002, and in any fiscal year 17 thereafter in which the Secretary of the Budget certifies 18 that there is a surplus in the General Fund, [25%] 50% of the 19 surplus shall be deposited by the end of the next succeeding 20 quarter into the Budget Stabilization Reserve Fund. 21 (2) If, at the end of any fiscal year, the ending 22 balance of the Budget Stabilization Reserve Fund equals or 23 exceeds 6% of the actual General Fund revenues received for 24 the fiscal year in which the surplus occurs, [10%] 20% of the 25 surplus shall be deposited by the end of the next succeeding 26 quarter into the Budget Reserve Stabilization Fund. 27 * * * 28 Section 2. This act shall take effect in 60 days. C24L72DMS/20040H2600B3858 - 2 -