Legislation

Search OpenLegislation Statutes

This entry was published on 2014-09-22
The selection dates indicate all change milestones for the entire volume, not just the location being viewed. Specifying a milestone date will retrieve the most recent version of the location before that date.
SECTION 17
Authorizing the legislature to establish a fund or funds for tax revenue stabilization reserves; regulating payments thereto and withdrawals therefrom
Constitution (CNS) CHAPTER , ARTICLE VII
§ 17. The legislature may establish a fund or funds to aid in the
stabilization of the tax revenues of the state available for expenditure
or distribution. Any law creating such a fund shall specify the tax or
taxes to which such fund relates, and shall prescribe the method of
determining the amount of revenue from any such tax or taxes which shall
constitute a norm of each fiscal year. Such part as shall be prescribed
by law of any revenue derived from such tax or taxes during a fiscal
year in excess of such norm shall be paid into such fund. No moneys
shall at any time be withdrawn from such fund unless the revenue derived
from such tax or taxes during a fiscal year shall fall below the norm
for such year; in which event such amount as may be prescribed by law,
but in no event an amount exceeding the difference between such revenue
and such norm, shall be paid from such fund into the general fund.

No law changing the method of determining a norm or prescribing the
amount to be paid into such a fund or to be paid from such a fund into
the general fund may become effective until three years from the date of
its enactment.