Bill > ACR24

This Concurrent Resolution proposes a constitutional amendment to establish a 2 percent cap on annual increases for certain State government spending, meaning that for each fiscal year after the amendment is approved, the total amount appropriated cannot exceed the previous year's appropriations by more than 2.0 percent. This limit, however, has several exceptions, including State aid to local governments, federal funds, payments to pension systems, State capital construction projects, debt service on voter-approved bonds and certain other State-backed debt, appropriations for emergencies like war or natural disasters (excluding routine operational costs), and money from the Property Tax Relief Fund. The amendment also allows for "banking" unused appropriation limits from the previous three years and reappropriating unspent funds from the prior fiscal year without counting them towards the new limit, and it can be overridden only by a two-thirds vote in both houses of the Legislature for fiscal emergencies.