HB 3302

Abstract

Creates the Responsible Spending Act. Provides for the calculation of a Spending Growth Index and requires it to be calculated separately for the General Fund, Road Fund, and all other funds. Sets forth requirements for any increase in State revenue or in State spending beyond the Spending Growth Index limitation, including a three-fifths majority vote of all members of each house and submission of the increase to voters by referendum. Permits emergency tax increases in certain circumstances. Creates the Past Due Paydown Fund and provides that the State Comptroller shall transfer to the fund any amount necessary, up to the total past due operating debt owed by the State, from the unappropriated surplus of the General Fund. Creates the Budget Stabilization Fund for Illinois and provides that the State Comptroller shall allocate a portion of unappropriated funds from the General Fund to pay down past operating debt to zero. Creates the Taxpayer Relief Fund and provides that if the amount in this Fund exceeds 1% of General Fund expenditures, the General Assembly shall enact legislation to provide for a refund to taxpayers. Amends the State Finance Act to create the Past Due Paydown Fund, the Budget Stabilization Fund for Illinois, and the Taxpayer Relief Fund.