11 AM 14 0954

ADOPTED
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.