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OH SB265

Bill

Official Source

Status

Introduced

11/30/2011

Primary Sponsor

Kevin Bacon

Click for details

Origin

Senate

129th General Assembly (2011-2012)

AI Summary

  • Increases the required balance in the Budget Stabilization Fund from 5% to 10% of General Revenue Fund revenues from the preceding fiscal year
  • Surplus revenue transfers must first fund the Budget Stabilization Fund to reach the 10% threshold before any amounts are transferred to the income tax reduction fund
  • Applies to annual determinations made by the director of budget and management by July 31st each year regarding surplus revenue existing on June 30th
  • Updates Ohio Revised Code sections 131.43 and 131.44 to implement the higher stabilization fund requirement

Legislative Description

To increase the balance that must exist in the Budget Stabilization Fund, from 5% to 10% of the General Revenue Fund revenue, before revenue surpluses are applied to income tax reductions.

Budget Stabilization Fund-increase minimum balance making income tax reduction ok

Last Action

To Finance

11/30/2011

Full Bill Text

No bill text available