MN HF1451

Creates a budget reserve equal to 6 percent of the biennial general fund budget in the state treasury.

Requires the budget reserve account to be restored to full funding level within four fiscal years if the balance falls below the specified amount by July 1 of each year when the commissioner of finance transfers funds.

Any law to increase state sales tax rates or personal income tax rates for revenues to fully fund the budget reserve must be adopted by a vote of at least three-fifths of the members of each house of the legislature.

Proposes a constitutional amendment to Article XI, Section 16 of the Minnesota Constitution to establish and maintain the budget reserve as described above.

Requires submission of the proposed amendment to voters at the 2010 general election with a ballot question asking whether to establish a budget reserve equal to 6 percent of the biennial general fund budget that must be fully funded within four years unless approved by three-fifths legislative vote.