SJ 361 Constitutional amendment (1st resolution); spending restrictions.
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Summary as introduced:
Constitutional amendment (first resolution); spending requirements and restrictions. Requires the General Assembly to appropriate Virginia tax revenues that exceed an annual growth rate of 6.9 percent for specified purposes or for tax relief. The amount attributable to the first two percentage points of growth in excess of such 6.9 percent shall be used solely for public school capital construction projects and transportation capital projects; and all revenues attributable to any additional rate of growth shall be used (i) to reduce the debt of the Commonwealth; (ii) to increase the deposit to the Revenue Stabilization Fund; (iii) to fund nonrecurring capital projects; or (iv) to provide tax relief by the reduction of taxes or by the refund of tax revenues to taxpayers. These spending requirements may be altered only upon a two-thirds vote of all members elected to each house. The Governor is required to adhere to the spending requirements in the Budget Bill that he submits annually.

Full text:
01/08/03  Senate: Presented & ordered printed, prefiled 01/08/03 032011504  pdf

Status:
01/08/03  Senate: Presented & ordered printed, prefiled 01/08/03 032011504
01/08/03  Senate: Referred to Committee on Privileges and Elections
01/14/03  Senate: Assigned to P. & E. sub-committee: 2
01/21/03  Senate: Reported from Privileges and Elections (15-Y 0-N)
01/21/03  Senate: Rereferred to Finance
01/30/03  Senate: No action taken by Finance by voice vote