Bill > HB601

This bill proposes a constitutional amendment to change Pennsylvania's fiscal period from one year to two years, which would impact several key areas of the state's financial management. Specifically, the bill modifies multiple sections of the state constitution's Article VIII to reflect a two-year fiscal period, including provisions related to debt issuance, tax revenues, budgeting, and financial planning. The changes would allow the Governor to submit a balanced operating budget and capital budget for a two-year period, require financial plans to cover five two-year fiscal periods, and adjust how surplus funds are managed. The bill also modifies rules about tax anticipation notes, gasoline tax usage, and state debt limitations to align with the new two-year fiscal period. The proposed amendment would require two passages by the General Assembly and then be submitted to voters as a single ballot question at a qualifying election. These changes aim to provide more comprehensive and long-term financial planning for the Commonwealth, potentially offering greater stability and strategic budgeting opportunities.

Budget and Finance

https://www.legis.state.pa.us/cfdocs/billinfo/bill_history.cfm?syear=2025&sind=0&body=H&type=B&bn=601