House of Representatives

HB 2129

budget stabilization fund; repeal

Sponsors: Representatives Gleason, Blendu, Weiers

 

DP

Committee on Appropriations

F

Caucus and COW

 

Third Read

This bill as introduced contains an Appropriation clause.

 

As Passed the House

 

HB 2129 provides a delayed repeal of the Budget Stabilization Fund (BSF).

 

Current Status

HB 2129 failed to pass Committee of the Whole.

 

History

The BSF, contained in A.R.S. 35-144 was established through Laws 1990, 3rd Special Session, Chapter 6 for the purpose of building “Rainy Day” funds for use in budgetary crisis, resulting in revenue shortfalls.  The current FY 2002 balance in this fund is approximately $180 million.

 

Provisions

·          Repeals the statute establishing and regarding the operation of the budget stabilization fund on June 30, 2004.

·          The Consumer Loss Recovery Fund will consist of legislative appropriations in lieu of transfers from the BSF.  These monies will be used for costs associated with the Alternative Fuels Program.

·          Unexpended monies from the Arizona State Hospital Capital Construction Fund will revert to the GF, rather than the BSF, on July 1, 2005.

·          Replaces the BSF with the state general fund (GF) in transactions relating to the cost of alternative fuel income tax credits as follows:

·          Monthly transfers to the Tax Refund Account of the state GF. The transferred amount, reported by the Director of the Department of Revenue, is equal to the amount of verified credits claimed in the preceding month that were not used to offset income taxes.

·          Monthly transfers to the Consumer Loss Recovery Fund. The transferred amount, reported by the Director of the Department of Administration, is equal to the amount of currently validated claims.

·          The total amount transferred will not exceed $200 million.

·          These amended transfers will be effective from and after June 30, 2004.

·          All unexpended and unencumbered monies remaining in the BSF on June 30, 2004 shall revert to the GF.

 

 

 

 

 

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45th Legislature                       

Second Regular Session            2          March 22, 2002

 

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