PRINTER'S NO. 710
No. 301 Session of 2005
INTRODUCED BY FLICK, BENNINGHOFF, WILT, SCAVELLO, ADOLPH,
BALDWIN, BOYD, BROWNE, CALTAGIRONE, CAPPELLI, CAUSER,
CRAHALLA, CREIGHTON, DENLINGER, GEIST, HARRIS, HERSHEY,
HICKERNELL, HUTCHINSON, W. KELLER, KILLION, MILLARD, O'NEILL,
PHILLIPS, PICKETT, READSHAW, REICHLEY, SAINATO, SCHRODER,
STERN, TRUE, WATSON AND YOUNGBLOOD, FEBRUARY 15, 2005
REFERRED TO COMMITTEE ON FINANCE, FEBRUARY 15, 2005
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
26 collect taxes, or to make returns or reports under the laws
27 imposing taxes for State purposes, or to pay license fees or
28 other moneys to the Commonwealth, or any agency thereof,
29 every State depository and every debtor or creditor of the
30 Commonwealth," further providing for funding for the Budget
1 Stabilization Reserve Fund.
2 The General Assembly of the Commonwealth of Pennsylvania
3 hereby enacts as follows:
4 Section 1. Section 1702-A of the act of April 9, 1929
5 (P.L.343, No.176), known as The Fiscal Code, added June 29, 2002
6 (P.L.614, No.91), is amended to read:
7 Section 1702-A. Funding.
8 * * *
9 (b) Transfer of portion of surplus.--
10 (1) Except as may be provided in paragraph (2), for the
11 fiscal year beginning July 1, 2002, and in any fiscal year
12 thereafter in which the Secretary of the Budget certifies
13 that there is a surplus in the General Fund, [25%] 50% of the
14 surplus shall be deposited by the end of the next succeeding
15 quarter into the Budget Stabilization Reserve Fund.
16 (2) If, at the end of any fiscal year, the ending
17 balance of the Budget Stabilization Reserve Fund equals or
18 exceeds 6% of the actual General Fund revenues received for
19 the fiscal year in which the surplus occurs, [10%] 20% of the
20 surplus shall be deposited by the end of the next succeeding
21 quarter into the Budget [Reserve Stabilization] Stabilization
22 Reserve Fund.
23 * * *
24 Section 2. This act shall take effect in 60 days.
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