MO HJR75

Repeals section 27(a) of article IV of the Missouri Constitution and creates four new sections (23(a), 27(a), 27(c), and 27(d)) to establish spending limits and reserve funds.

Caps annual growth in total state general revenue appropriations to the greater of zero or the sum of inflation and population growth, with exceptions for new tax revenues or voter-approved increases.

Establishes three reserve funds: the Cash Operating Reserve Fund (67% of existing budget reserve), the Budget Reserve Fund (33% of existing budget reserve), and the Taxpayer Protection Stabilization Fund for excess revenues.

Allows appropriations to exceed the growth limit only when the governor declares an emergency and the legislature approves emergency appropriations by simple majority vote in both houses.

Directs excess revenues over 2.5% of allowed appropriations to the Taxpayer Protection Stabilization Fund, which shall be used to reduce individual income tax rates, and sunsets the entire program after five years unless reauthorized.