SB419 SFA Kessler 2-9 #1
Senator Kessler moved to amend the bill on page five, section four, line fifty-one, by striking out the words “subdivision (2)” and inserting in lieu thereof the words “subdivisions (2) and (3)”;
On page six, section four, after line sixty-five, by adding a new subdivision, designated subdivision (3), to read as follows:
(3) For the period commencing July 1, 2016, the net amount of all moneys received by the Tax Commissioner from collection of the taxes imposed by this section, including any interest, additions to tax, or penalties collected with respect to these taxes pursuant to article ten, chapter eleven of this code, shall be deposited in the Revenue Shortfall Reserve Fund created in subsection (b), section twenty, article two, chapter eleven-b of this code.;
On page six, section four, lines seventy-five through eighty, by striking out all of subsection (g) and inserting in lieu thereof a new subsection, designated subsection (g), to read as follows:
(g) Termination of taxes imposed by this article. – The taxes imposed under this article shall cease, terminate and be of no further force or effect when the balance of the Revenue Shortfall Reserve Fund equals or exceeds thirteen percent of the state’s General Revenue Fund budget for the fiscal year just ended as determined within sixty days of the end of that prior fiscal year as provided by subsection (b), section twenty, article two, chapter eleven-b of this code.