MO HJR87

Submits to Missouri voters a constitutional amendment establishing spending limits on state general revenue appropriations, with growth capped at the sum of inflation and population change annually.

Creates three state funds: Cash Operating Reserve Fund (67% of existing reserves), Budget Reserve Fund (33% of existing reserves), and Taxpayer Protection Stabilization Fund to receive surplus revenues.

Allows appropriations to exceed the growth limit only when the governor declares an emergency and the legislature approves by simple majority vote, with emergency appropriations excluded from future spending calculations.

Directs excess general revenue collections above 2.5% of allowable appropriations to the Taxpayer Protection Stabilization Fund, which must be used to reduce state individual income tax rates in 0.25% increments.

Includes a sunset provision requiring reauthorization by the legislature after five years, with an additional ten-year sunset if the program is reauthorized; was set for voter approval at the November 2010 general election.