SCA 10 Summary

• Establishes a state spending limit based on the 2010-11 fiscal year appropriations, adjusted annually for population and cost-of-living changes, effective July 1, 2013

• Requires a two-thirds vote in both houses of the Legislature for any state statute change that imposes new or higher taxes on taxpayers or authorizes such taxes by the state or local government entities

• Redirects excess state revenues annually based on debt service levels: to debt reduction if debt service exceeds 5% of appropriations limit; split between education and state reserve fund if below $2 billion; returned to taxpayers if exceeding $2 billion

• Repeals the Legislature's authority to define capital outlay project exemptions and instead establishes a fixed definition of qualified capital outlay projects as fixed assets with a useful life of 10+ years valued at $100,000 or more

• Prohibits the Legislature or voters through ballot initiatives from enacting statutes that exempt tax proceeds or appropriations from the spending limit and establishes standing for any person to challenge violations