ID S1408

Increases the maximum balance of the Budget Stabilization Fund from 5% to 10% of total general fund receipts for the fiscal year just ending.

Requires the state controller to transfer general fund collections exceeding a 4% year-over-year increase to the Budget Stabilization Fund, up to a maximum of 1% of actual general fund collections.

Limits appropriations from the Budget Stabilization Fund to 50% of the fund balance annually once the fund reaches 10% of general fund receipts.

Allows the legislature, by concurrent resolution approved by a majority of each house, to reduce the amount of annual transfers to the fund.

Interest earnings from fund investments are credited to the permanent building account.