NY A02816

Proposes constitutional amendment establishing a revenue limitation that prevents total state revenues (excluding federal funds, bond proceeds, and tax refunds) from exceeding the prior fiscal year's revenue increased by the fiscal growth factor (inflation plus population change)

Requires two-thirds legislative approval and gubernatorial emergency declaration to exceed the revenue limitation, with the emergency defined as extraordinary and unforeseen circumstances excluding economic conditions or revenue shortfalls

Mandates that one-half of any excess revenues above the limitation be refunded to taxpayers pro rata based on state income tax liability, and the other half deposited into a new Budget Stabilization Fund capped at five percent of state revenues

Establishes Budget Stabilization Fund to be withdrawn only when state revenues fall below the limitation or during declared emergencies, with two-thirds legislative approval required; excess funds above five percent cap must be used for tax reduction or debt retirement

Restricts state mandates on counties and political subdivisions to require full state financing, prohibiting cost-shifting and requiring state appropriations for any increased service costs