H1940B2779A05102 AJM:JSL 12/06/17 #90 A05102
AMENDMENTS TO HOUSE BILL NO. 1940
Sponsor: REPRESENTATIVE KINSEY
Printer's No. 2779
Amend Bill, page 1, line 22, by inserting after "estimates"
and providing for the Budget Stabilization Reserve Fund
Amend Bill, page 3, by inserting between lines 10 and 11
Section 2. The act is amended by adding a section to read:
Section 626. Budget Stabilization Reserve Fund.-- (a) The
following apply:
(1) If the balance of the Budget Stabilization Reserve Fund
on June 30, 2017, is less than six per centum (6%) of the
General Fund revenues received in the 2016-2017 fiscal year, the
General Assembly shall appropriate two hundred million dollars
($200,000,000) to the Budget Stabilization Reserve Fund from
revenues received under Article III of the act of March 4, 1971
(P.L.6, No.2), known as the "Tax Reform Code of 1971," before
June 30, 2018. The appropriation must be transferred to the
Budget Stabilization Reserve Fund before the funds generated
under Article III of the "Tax Reform Code of 1971" are used for
other appropriations. This appropriation shall be in addition to
transfers required under section 1702-A(b) of the act of April
9, 1929 (P.L.343, No.176), known as "The Fiscal Code."
(2) Each year thereafter, if the balance of the Budget
Stabilization Reserve Fund on June 30 of the prior year is less
than six per centum (6%) of General Fund revenues received by
June 30 of that fiscal year, the General Assembly shall
appropriate two hundred million dollars ($200,000,000) to the
Budget Stabilization Reserve Fund from revenues received under
Article III of the "Tax Reform Code of 1971," before June 30 of
the subsequent year. The appropriation must be transferred to
the Budget Stabilization Reserve Fund before the funds generated
under Article III of the "Tax Reform Code of 1971" may be used
for other appropriations. This appropriation shall be in
addition to transfers required under section 1702-A(b) of "The
Fiscal Code."
(b) If, at the end of any fiscal year, the ending balance of
the Budget Stabilization Reserve Fund equals or exceeds fifteen
per centum (15%) of the actual General Fund revenues received
for the fiscal year, the General Assembly shall enact in
separate legislation a refund to taxpayers of the surplus in
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excess of fifteen per centum (15%) of General Fund revenues
remaining in the Budget Stabilization Reserve Fund.
Amend Bill, page 3, line 11, by striking out "2" and
inserting
3
Amend Bill, page 3, line 13, by striking out "3" and
inserting
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