PA HB1947

Limits annual General Fund spending growth to the average rate of Pennsylvania's gross state product over the preceding five years, minus a "deficit brake" that increases by 0.2 percentage points after any year spending exceeds revenue

Requires two-thirds vote in both chambers to authorize emergency spending above the limit, with such spending offset by equal reductions spread over the subsequent six fiscal years

Establishes the Commonwealth Reserve Fund in the State Treasury to hold budget surpluses, with interest earnings accruing to the fund

Mandates that once the Reserve Fund reaches 15% of the current spending limit, at least 50% of additional surpluses must be rebated to taxpayers in proportion to taxes paid, with the remainder applied to debt reduction

Provides automatic continuation of prior-year funding levels if the General Appropriation Act is not enacted by June 30