SUMMARY:  LC 34 4750 LC 34 4902S (SCS)  Proposes a constitutional amendment to:

• decrease individual income tax on all taxpayers by 0.2 percent if the net amount of revenue deposited in the state general fund the previous fiscal year exceeds $23 billion and the general reserves fund holds at least 7 percent of that amount
• decrease individual income tax on all taxpayers by an additional 0.2 percent (to a maximum of 5 percent) if the net amount of revenue deposited in the state general fund the previous fiscal year exceeds $23.6 billion and the general reserves fund holds at least 7 percent of that amount
• allow the General Assembly to appropriate revenues in excess of the above  only after the adoption of a joint resolution of the General Assembly by 3/5 majority on a roll-call vote

EFFECTIVE DATE:  January 1, 2017 if passed by 2/3 majority of both the House and Senate and approved by the voters.