|Posted:||October 3, 2019 09:48 AM|
|From:||Representative Kerry A. Benninghoff|
|To:||All House members|
|Subject:||Additional Deposits in Rainy Day Fund from Inheritance Tax|
|While the General Assembly has made substantial progress toward rebuilding the Rainy Day Fund in the past two fiscal years, I believe that more can be done. That is why I am asking you to join me as a cosponsor of legislation to deposit the increase in inheritance tax collections from the previous fiscal year into the Rainy Day Fund. The deposits would be made by the end of the first quarter of the next fiscal year.
Because the inheritance tax can be a volatile revenue source, the legislature cannot count on each year’s growth continuing into the next fiscal year. The additional deposits can serve as a hedge against a reduction in collections in future years.
Please join me in co-sponsoring this important legislation.
Introduced as HB1929