Bill > S1402

Introduced Session

This bill establishes a Surplus Gross Income Tax Revenue Account in the Property Tax Relief Fund to serve as a "rainy day fund" for property tax relief programs and State Aid programs that offset local property taxes. The State Treasurer is required to credit to the Surplus Gross Income Tax Revenue Account, on or before December 31, 2020 and annually on or before December 31 thereafter, an amount equal to one-half of the excess gross income tax revenue collected during the preceding fiscal year if actual gross income tax revenues exceed the Governor's certified revenues by more than six percent. Balances in the Surplus Gross Income Tax Revenue Account may be appropriated by the Legislature: 1) if anticipated gross income tax revenues are estimated to be less than the Governor's certification; 2) to offset gross income tax revenue declines instead of increasing the gross income tax rate or modifying the gross income tax; or 3) for meeting the costs of any emergency identified by the Governor that is within the purposes of the Property Tax Relief Fund. If in any fiscal year there is enacted an appropriation from the Surplus Gross Income Tax Revenue Account, the Legislature is prohibited from imposing any increases in existing gross income tax rates or gross income tax modifications having the effect of increasing gross income tax revenues. However, if gross income tax revenues decline by at least two percent of the total available gross income tax revenues as certified by the Governor, the Legislature may increase gross income tax rates or modify the gross income tax, and the balances in the Surplus Gross Income Tax Revenue Account may be appropriated in any other manner as found to be in the best interests of the fiscal condition of the Property Tax Relief Fund.

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Nick Scutari (D)*,  Troy Singleton (D)*,  Vin Gopal (D), 

Introduced in the Senate, Referred to Senate Budget and Appropriations Committee (on 01/09/2024)

Official Document