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2011 Senate Joint Resolution 8206: Requiring extraordinary revenue growth to be transferred to the budget stabilization account
Introduced by Sen. Joseph Zarelli, (R-Ridgefield) (R) on January 20, 2011
To propose an amendment to the state Constitution requiring extraordinary revenue growth to be transferred to the budget stabilization account.   Official Text and Analysis.
Referred to the Senate Ways & Means Committee on January 20, 2011
Referred to the Senate Rules Committee on February 28, 2011
Proposes an amendment to the state Constitution requiring extraordinary revenue growth to be transferred to the budget stabilization account.
Received in the House on March 5, 2011
Referred to the House Ways & Means Committee on March 5, 2011
Referred to the Senate Rules Committee on April 22, 2011
Received in the Senate on April 26, 2011
Received in the House on April 29, 2011
Referred to the House Ways & Means Committee on April 29, 2011
Amendment offered in the House on February 20, 2011
To amend the Constitution transfering three quarters of any extraordinary revenue growth to the Budget Stabilization Account at the end of each fiscal biennium. The transfer of extraordinary revenue growth is in addition to the existing 1 percent transfer and will be made only to the extent that it exceeds that transfer. "Extraordinary revenue growth" is defined as the amount by which the growth in general state revenues exceeds by one-third the average biennial growth in general state revenues over the prior five biennia. The transfer of extraordinary revenue growth will not take place in a fiscal biennium following a fiscal biennium in which state employment growth averaged less than 1 percent. In determining whether extraordinary revenue growth has occurred, historical general state revenues must be adjusted to reflect statutory changes to revenue dedication.
The amendment passed by voice vote in the House on February 20, 2011
Received in the Senate on May 22, 2011
To transfer three quarters of "extraordinary revenue growth" to the Budget Stabilization Account.