DE HB460 | 2017-2018 | 149th General Assembly

Status

Spectrum: Slight Partisan Bill (Republican 23-9)
Status: Introduced on June 12 2018 - 25% progression
Action: 2018-06-13 - Reported Out of Committee (Administration) in House with 2 Favorable, 3 On Its Merits
Text: Latest bill text (Draft #1) [HTML]

Summary

This Act is the first leg of a Constitutional Amendment reflecting the recommendations of the Advisory Panel to the Delaware Economic and Financial Advisory Council (DEFAC) on Potential Fiscal Controls and Budget Smoothing Mechanisms established as per House Joint Resolution 8 of the 149th General Assembly (Panel). This Act would build upon the States existing appropriation limit methodology by moving the Budget Reserve Account into a newly defined Budget Stabilization Fund, defining rules for deposits to and withdrawals from said Budget Stabilization Fund, and adding a check of the appropriation limit against an index comprised of relevant indicators of growth of the States economy. The Panel further recommended that any final adoption of the structural budget reforms included in this Act be accompanied by statutory enactment of structural reforms to the Personal Income Tax by broadening the tax base as initially recommended by the DEFAC Advisory Council of Revenues report dated May 2015 and further detailed in the Panels report dated June 1, 2018.

Tracking Information

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Title

An Act Proposing An Amendment To Article Viii, § 6 Of The Delaware Constitution Relating To Limitations On Appropriations.

Sponsors


History

DateChamberAction
2018-06-13 Reported Out of Committee (Administration) in House with 2 Favorable, 3 On Its Merits
2018-06-12 Introduced and Assigned to Administration Committee in House

Delaware State Sources


Bill Comments

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