PA HB601

Proposes amending the Pennsylvania Constitution to change the state's fiscal period from one year to two years, requiring biennial budgets instead of annual budgets

Requires the Governor to submit balanced operating and capital budgets covering two-year fiscal periods, along with financial plans spanning at least five two-year fiscal periods

Modifies debt provisions so tax anticipation notes must mature within the two-year fiscal period of issue, and capital project debt limits would be calculated using the previous five two-year fiscal periods

Changes Motor License Fund loan repayment deadlines so loans made before July 1 must be repaid by July 31 of the next fiscal year

Requires passage by the General Assembly in two consecutive sessions followed by voter approval as a single ballot question at a general or municipal election