HB 1059 Summary

• Allows state budget expenditures from the general fund to reach 100% of revenues (instead of 98%) for fiscal years 2010, 2011, and 2012 only.

• Directs $1.2 million transfer from Unclaimed Property Fund to Mississippi Gaming Commission in FY2010 as a temporary loan to be repaid in FY2011.

• Transfers $186.9 million to Budget Contingency Fund in FY2011 from State General Fund ($103.9 million), Working Cash-Stabilization Reserve Fund ($80 million), and Unclaimed Property Fund ($3 million).

• Delays until 2012 the implementation of increased threshold for early tax payment requirements for withholding, sales, and use taxes, raising the trigger from $20,000 to $50,000 in average monthly liability.

• Transfers $112 million from Health Care Trust Fund to Health Care Expendable Fund in FY2011 and eliminates repayment requirement for FY2005 transfer; establishes $120-$127 annual assessment cap per state employee position through June 30, 2011.