Bill Text: PA HB263 | 2011-2012 | Regular Session | Introduced

---

Bill Title: Further providing for funding of the Budget Stabilization Reserve Fund.

Sponsorship: Moderate Partisan Bill (Republican 22-4)

Status: (Introduced - Dead) 2011-01-26 - Referred to APPROPRIATIONS [HB263 Detail]

Download: Pennsylvania-2011-HB263-Introduced.html

---

PRINTER'S NO. 211
THE GENERAL ASSEMBLY OF PENNSYLVANIA
HOUSE BILL
No. 263 Session of2011
INTRODUCED BY PEIFER, PICKETT, SCAVELLO, MILLARD, BARRAR, BOYD, CARROLL, CUTLER, FLECK, GABLER, GEIST, HORNAMAN, JOSEPHS, M.K. KELLER, MICOZZIE, MILLER, PYLE, RAPP, K. SMITH, SONNEY, STEVENSON, VULAKOVICH AND MAJOR, JANUARY 26, 2011
REFERRED TO COMMITTEE ON APPROPRIATIONS, JANUARY 26, 2011
AN ACT
Amending the act of April 9, 1929 (P.L.343, No.176), entitled,
as amended, "An act relating to the finances of the State
government; providing for the settlement, assessment,
collection, and lien of taxes, bonus, and all other accounts
due the Commonwealth, the collection and recovery of fees and
other money or property due or belonging to the Commonwealth,
or any agency thereof, including escheated property and the
proceeds of its sale, the custody and disbursement or other
disposition of funds and securities belonging to or in the
possession of the Commonwealth, and the settlement of claims
against the Commonwealth, the resettlement of accounts and
appeals to the courts, refunds of moneys erroneously paid to
the Commonwealth, auditing the accounts of the Commonwealth
and all agencies thereof, of all public officers collecting
moneys payable to the Commonwealth, or any agency thereof,
and all receipts of appropriations from the Commonwealth,
authorizing the Commonwealth to issue tax anticipation notes
to defray current expenses, implementing the provisions of
section 7(a) of Article VIII of the Constitution of
Pennsylvania authorizing and restricting the incurring of
certain debt and imposing penalties; affecting every
department, board, commission, and officer of the State
government, every political subdivision of the State, and
certain officers of such subdivisions, every person,
association, and corporation required to pay, assess, or
collect taxes, or to make returns or reports under the laws
imposing taxes for State purposes, or to pay license fees or
other moneys to the Commonwealth, or any agency thereof,
every State depository and every debtor or creditor of the
Commonwealth," further providing for funding of the Budget
Stabilization Reserve Fund.
The General Assembly of the Commonwealth of Pennsylvania
hereby enacts as follows:
Section 1. Section 1702-A of the act of April 9, 1929
(P.L.343, No.176), known as The Fiscal Code, amended July 4,
2008 (P.L.629, No.53), is amended to read:
Section 1702-A. Funding.
(a) Intent.--It is hereby declared as the intent and goal of
the General Assembly to create a stabilization reserve in an
eventual amount [of 6%] not to exceed 10% of the revenues of the
General Fund of the Commonwealth.
(b) Transfer of portion of surplus.--
(1) Except as may be provided in paragraph (2), for
fiscal years beginning after June 30, 2002, the following
apply:
(i) Except as set forth in this paragraph, if the
Secretary of the Budget certifies that there is a surplus
in the General Fund for a specific fiscal year, [25%] 50%
of the surplus shall be deposited by the end of the next
succeeding quarter into the Budget Stabilization Reserve
Fund.
(ii) If the Secretary of the Budget certifies, after
June 30, 2005, that there is a surplus in the General
Fund for the fiscal year 2004-2005, 15% of the surplus
shall be deposited by the end of the next succeeding
quarter into the Budget Stabilization Reserve Fund.
(iii) No amount of the surplus in the General Fund
for fiscal year 2007-2008 may be deposited into the
Budget Stabilization Reserve Fund.
(2) If, at the end of any fiscal year, the ending
balance of the Budget Stabilization Reserve Fund equals or
20110HB0263PN0211 - 2 -
exceeds [6%] 10% of the actual General Fund revenues received
for the fiscal year in which the surplus occurs, [10% of the
surplus shall be deposited by the end of the next succeeding
quarter into the Budget Reserve Stabilization Fund] the
amount in excess of the 10% shall be deposited into the
Property Tax Relief Fund established under 4 Pa.C.S. § 1409
(relating to Property Tax Relief Fund).
(c) Appropriated funds.--The General Assembly may at any
time provide additional amounts from any funds available to this
Commonwealth as an appropriation to the Budget Stabilization
Reserve Fund.
Section 2. The amendment of Section 1702-A of the act shall
apply to fiscal years beginning after June 30, 2011.
Section 3. This act shall take effect immediately.
20110HB0263PN0211 - 3 -