MN SF2726

Sets the target amount for the budget reserve account at five percent of general fund expenditures and transfers for the current biennium, determined by the commissioner as part of revenue forecasts and balance analyses.

Modifies the priority allocation of additional revenues by replacing the state airports fund restoration with continued budget reserve funding until reaching the target amount, capped at a percentage of remaining funds after school aid restoration requirements.

Establishes automatic transfers to the budget reserve account beginning with the November 2014 economic forecast based on excess capital gains income, defined as capital gains tax revenue exceeding the five-year average, with transfers triggered when excess exceeds $5,000,000.

Authorizes automatic transfers of excess corporate franchise tax revenues to the budget reserve account when collections exceed 125 percent of the ten-year average by more than $10,000,000, with determinations made by October 31 of each fiscal year.

Repeals the prior subdivision 1b of section 16A.152.