90th General Assembly
Summary of HB2798
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House Sponsors:

Short description: 
TAXPAYER REFUND ACT                                                        

Synopsis of Bill as introduced:
        Creates the Taxpayer Refund Act.  Provides that  for  any  fiscal      
   year  in  which the revenues into the State's general funds exceed the      
   prior year's  general  funds  revenues,  the  excess  funds  shall  be      
   deposited  into  the  Rainy  Day  Fund,  a special fund                     
   created in the State treasury to  retain  State  revenues  for  future      
   needs, reduce the need for future tax increases, and provide available      
   resources  to  meet  State  obligations  whenever failures in revenues      
   occur.  Provides that if, at the close of a fiscal year  on  June  30,      
   the  Rainy  Day  Fund contains more than $400,000,000, then the excess      
   amount shall be refunded as soon as possible  to  taxpayers  with  an       
   adjusted  gross  income  of  less than $100,000. Provides that refunds      
   shall be pro rata based on the liability reported  on  and  paid  with      
   respect  to  the  taxpayer's  income  tax  return.   Provides that the      
   Department of Revenue  shall  adopt  rules  to  implement  the  refund      
   provisions  of  this  Act.  Amends the State Finance Act to create the      
Last action on Bill: SESSION SINE DIE

   Last action date: 99-01-12

           Location: House

 Amendments to Bill: AMENDMENTS ADOPTED: HOUSE -   0     SENATE -   0


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