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GA SR756
Resolution
Status
Engrossed
2/29/2016
Primary Sponsor
Judson Hill
Click for details
AI Summary
- Proposes an amendment to the Georgia Constitution (Article III, Section IX) to mandate automatic individual state income tax reductions of 0.1% when general fund revenue exceeds $23.6 billion on or after January 1, 2018, provided the general reserves fund holds at least 8% of that amount
- Triggers a second automatic 0.1% income tax reduction on or after January 1, 2020, if general fund revenue exceeds $24.2 billion and the reserves fund again holds at least 8% of that amount
- Allows the General Assembly to bypass the mandatory tax reduction requirements when passing a supplementary appropriations Act, but only with a three-fifths' majority roll-call vote in each chamber adopting a joint resolution stating that intent
- Directs the General Assembly to enact any legislation necessary to implement and enforce these provisions
- Requires submission of the amendment to voters for ratification or rejection, with the ballot question framed as providing "limitations on the expenditure of excess revenues and budget surpluses by lowering personal income tax rates"
Legislative Description
Appropriations Acts; provide for prioritized funding requirements; procedures, conditions, and limitations-CA
Last Action
House Second Readers
3/7/2016
Full Bill Text
No bill text available