Bill Text: GA SR20 | 2011-2012 | Regular Session | Amended
NOTE: There are more recent revisions of this legislation. Read Latest Draft
Bill Title: Taxpayer Protection Amendment of 2011; provide for limitations on state government taxation and expenditures-CA
Spectrum: Partisan Bill (Republican 6-0)
Status: (Engrossed - Dead) 2011-03-01 - House Second Readers [SR20 Detail]
Download: Georgia-2011-SR20-Amended.html
Bill Title: Taxpayer Protection Amendment of 2011; provide for limitations on state government taxation and expenditures-CA
Spectrum: Partisan Bill (Republican 6-0)
Status: (Engrossed - Dead) 2011-03-01 - House Second Readers [SR20 Detail]
Download: Georgia-2011-SR20-Amended.html
11 AM
14 0954
ADOPTED
Senators Rogers of the 21st and Cowsert of the 46th offered the following amendment:
Senators Rogers of the 21st and Cowsert of the 46th offered the following amendment:
Amend
the committee substitute to SR 20 (LC 18 9644ERS) by revising lines 45 through
54 as follows:
Paragraph
III.
Excess
revenues. For
any fiscal year that commences on or after July 1, 2013, if revenue
from sources not excluded from total state revenues exceeds the limit on total
state fiscal year spending calculated in accordance with Paragraph II of this
article, for that fiscal year the excess shall be appropriated by vote of the
General Assembly and shall first fund increases due to student enrollment for
local school systems, then excess revenues shall be used for any combination of
one or more of:
(1)
Transfer to the Revenue Shortfall Reserve to the extent necessary to ensure that
the fund balance is equal to 15 percent of the fiscal year spending for the
previous fiscal year; and
(2)
Retirement of existing state general obligation debt.
In
any year in which the Revenue Shortfall Reserve is greater than 15 percent of
the fiscal year spending for the previous fiscal year, the state income tax rate
shall be reduced by one quarter of 1
percent.