NC S717

Establishes a constitutional amendment to limit annual state spending growth to the average inflation rate plus average population growth for the prior three calendar years, with exceptions requiring a two-thirds vote in both chambers.

Requires 15% of annual estimated General Fund tax revenue growth to be deposited into a Savings Reserve, with a maximum balance of 15% of prior year General Fund appropriations.

Directs excess revenue above the spending limit and reserves to be returned equally to all individuals who filed tax returns for the prior tax year.

Requires voter approval by majority vote for any new tax or tax increase at state and local levels.

Subjects the amendment to voter approval at the 2022 general election before taking effect.