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AR HB1902
Bill
Status
4/12/2021
Primary Sponsor
David Ray
Click for details
AI Summary
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Caps general revenue expenditures for each fiscal year to not exceed the average rate of change of total state disposable personal income.
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Requires the Secretary of the Department of Finance and Administration to calculate the applicable disposable personal income growth rate by July 15 of the preceding fiscal year using a five-year comparison of Bureau of Economic Analysis data.
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Allows the Secretary to authorize expenditures exceeding the cap if the expenditure is necessary due to emergency, approved by the Governor, and reviewed by the Legislative Council or Joint Budget Committee.
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Exempts general revenues transferred to the Development and Enhancement Fund and one-time expenditures for settlement of claims against the state from the expenditure limitation.
Legislative Description
To Limit The Increase In General Revenue Expenditures From Year To Year; And To Create A Nexus Between The Amount Of General Revenue Expenditures And The Growth Of The State Disposable Personal Income.
Last Action
Recommended for study in the Interim by Joint Interim Committee on REVENUE & TAXATION- HOUSE
4/26/2021