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2023 Session

Budget Amendments - SB800 (Committee Approved)

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Rolling Conformity Taxpayer Relief Fund (language only)

Item 3-5.28 #1s

Item 3-5.28 #1s

Adjustments and Modifications to Tax Collections
Taxpayer Relief Fund

Language

Page 655, strike lines 17 through 32 and insert:

"§ 3-5.28 Rolling Conformity Taxpayer Relief Fund

A. There is hereby established in the State Treasury and on the books of the State Comptroller a special nonreverting fund known as the "Rolling Conformity Taxpayer Relief Fund". On or before June 30, 2023, the State Comptroller shall transfer $75,000,000 from the general fund to the Rolling Conformity Taxpayer Relief Fund.


B. Amounts in the Rolling Conformity Taxpayer Relief Fund shall be used to offset revenue reductions from conforming to federal tax amendments that decrease general fund revenue by less than $25.0 million, pursuant to Senate Bill 1405 of the 2023 Session."



Explanation

(This amendment provides $75.0 million to a Rolling Conformity Taxpayer Relief Fund to offset the impact from conforming to federal tax provisions that increase or decrease general fund revenue by $25.0 million or less on a rolling basis rather than a fixed-date basis, pursuant to Senate Bill 1405 of the 2023 Session. Pursuant to the bill, the cumulative cap on all amendments to be adopted on a rolling basis is $75.0 million. Therefore, this fund provides the Governor and the General Assembly funding to offset any revenue reduction from conforming on a rolling basis. The introduced budget proposed to transfer $128.0 million GF to a Taxpayer Relief Fund, and this amendment would rename the fund, transfer $75.0 million to the fund. An amendment to the front page reflects a $53.0 million increase in general fund resources to reflect the net difference.)