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those of the previous fiscal year by more than the maximum tax | | growth target as described in section 1710-A, subsection 4, the | | State Controller shall at the close of each fiscal year reserve | | from the unappropriated surplus of the General Fund an amount | | equal to the identified excess individual income tax revenues | | and transfer that amount to the fund. |
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| | | 3.__Changes to rate structure.__The State Tax Assessor shall | | adopt by rule changes to the income tax rate structure in | | accordance with this section and within the financial limits | | of the money available in the fund.__Specifically, the | | assessor shall__proportionately reduce the individual income | | tax rates to the nearest 1/10th of 1% without exceeding the | | amount of money available in the fund.__Rules adopted under | | this section are routine technical rules as defined in Title | | 5, chapter 375, subchapter 2-A. |
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| | | 4.__Transfer to General Fund.__The State Controller shall | | transfer from the fund to the General Fund an amount certified | | by the State Tax Assessor as the adjustment necessary to | | offset any individual income tax revenue reduction implemented | | by the assessor pursuant to subsection 3. |
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| | | Sec. 3. 5 MRSA §1521 is enacted to read: |
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| | | §1521. Education Funding Stabilization Fund |
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| | | 1.__Education Funding Stabilization Fund.__The Education | | Funding Stabilization Fund, referred to in this section as | | "the fund," is established to be used solely for meeting the | | State's share of the cost of funding public education from | | kindergarten to grade 12. |
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| | | 2.__Definition.__For the purposes of this section, unless | | the context otherwise indicates, "funding public education | | from kindergarten to grade 12" has the same meaning as | | provided in Title 20-A, section 15658-A. |
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| | | 3.__Transfers to the fund.__As an equal priority with the | | transfer required under section 1513, the State Controller at | | the close of each fiscal year, beginning with fiscal year | | 2003-04, shall reserve from the unappropriated surplus of the | | General Fund an amount equal to 25% of the excess of total | | General Fund revenues received over accepted estimates in that | | fiscal year and transfer that amount to the fund at the | | beginning of the next fiscal year.__Accepted revenue estimates | | may not be increased after adjournment of any First Regular | | Session of the Legislature except as provided.__For the first | | year of the legislative biennium, revenue estimates for the | | 2nd year of the biennium may be adjusted once during the | | Second Regular Session |
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