DISPOSITION OF EXCESS REVENUES

 

     Section 6.  Whenever the state general fund balance at the close of each of two successive fiscal years exceeds five percent of general fund revenues for each of the two fiscal years, the legislature in the next regular session shall provide for a tax refund or tax credit to the taxpayers of the State, or make a deposit into one or more funds, as provided by law, which shall serve as temporary supplemental sources of funding for the State in times of an emergency, economic downturn, or unforeseen reduction in revenue, as provided by law. [Add Const Con 1978 and election Nov 7, 1978; am SB 2807 (2010) and election Nov 2, 2010]