6492-S AMS BRAU S5725.3
SSB 6492 - S AMD TO S AMD (S-5824.3/20) 922
By Senator Braun
NOT ADOPTED 01/29/2020
On page 3, line 25, after "(i)" insert "Except as provided in (g) of this subsection (2),"
On page 5, after line 23, insert the following:
"(g) Beginning July 1, 2021, the rate under (a)(i) of this subsection (2) must be reduced by an amount necessary to offset the estimated increase in general fund revenues for the 2019-2021 biennium but such reduction may not exceed 0.25 percent. For the purpose of this subsection, "estimated increase in general fund revenues" means the difference between general fund revenues reflected in the November 2020 revenue forecast and in the November 2019 revenue forecast for the 2019-2021 fiscal biennium. Beginning in the 2021-2023 biennium and each biennium thereafter, the state treasurer shall transfer from the general fund to the workforce education investment account an amount equal to the revenue reduction in the 2021-2023 biennium from the rate reduction under this subsection (2)(g), increased by the fiscal growth factor."
EFFECT: Requires a reduction in the additional B&O tax rate that reflects revenue growth between the November 2019 and November 2020 revenue forecast. Requires the state treasurer on a biennial basis to transfer from the general fund to the workforce education investment account an amount equal to any 2021-2023 biennial reduction in revenues from any rate reduction. Grows transfers by the fiscal growth factor.
--- END ---