1997 Session

Budget Amendments - SB700 (Conference Report)

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HE Exempt from Fed Retiree Reserve (language only)

Item 278 #1c

Item 278 #1c

Taxation, Department of

Page 195, line 1, after "agencies," insert "other than those of the institutions of higher education,"

(This amendment continues to exempt higher education fund balances that could be used to meet the Commonwealth's obligation for the Federal Retiree Tax Reserve, should the payments exceed amounts appropriated. The budget bill, as introduced, eliminated this exemption. Institutions of higher education which meet management standards are allowed to carryforward balances, and they are allowed to earn interest on auxiliary enterprise balances.)