HB 172 Summary

• State Constitution requires legislature to provide tax refund or credit when general fund balances exceed 5% of general revenues for two successive fiscal years.

• General fund balances for fiscal years 2012-2013 and 2013-2014 exceeded the 5% threshold, triggering the constitutional requirement.

• Legislature directs deposit of the tax credit or refund amount into the emergency and budget reserve fund instead of providing taxpayer refunds or credits.

• Director of finance shall transfer funds to the emergency and budget reserve fund for fiscal year 2014-2015, with amount to be determined by legislature.

• Effective date of July 1, 2050 (note: this appears to be a placeholder or drafting error, as the appropriation is for FY 2014-2015).