HB 1845-5_ Filed 02/24/2005, 11:25 Welch
Adopted 2/24/2005
Text Box
PREVAILED Roll Call No. _______
FAILED Ayes _______
WITHDRAWN Noes _______
RULED OUT OF ORDER
[
HOUSE MOTION ____
]
MR. SPEAKER:
I move that House Bill 1845 be amended to read as follows:
SOURCE: Page 8, line 23; (05)MO184503.8. -->
Page 8, between lines 23 and 24, begin a new paragraph and insert:
SOURCE: IC 4-10-18-1; (05)MO184503.2. -->
"SECTION 2. IC 4-10-18-1 IS AMENDED TO READ AS
FOLLOWS [EFFECTIVE JUNE 15, 2005]: Sec. 1. As used in this
chapter:
"Adjusted personal income" for a particular calendar year means the
adjusted state personal income for that year as determined under section
3(b) of this chapter.
"Annual growth rate" for a particular calendar year means the
percentage change in adjusted personal income for the particular
calendar year as determined under section 3(c) of this chapter.
"Budget director" refers to the director of the budget agency
established under IC 4-12-1.
"Costs" means the cost of construction, equipment, land, property
rights (including leasehold interests), easements, franchises, leases,
financing charges, interest costs during and for a reasonable period after
construction, architectural, engineering, legal, and other consulting or
advisory services, plans, specifications, surveys, cost estimates, and
other costs or expenses necessary or incident to the acquisition,
development, construction, financing, and operating of an economic
growth initiative.
"Current calendar year" means a calendar year during which a
transfer to or from the fund is initially determined under sections 4 and
5 of this chapter.
"Economic growth initiative" means:
(1) the construction, extension, or completion of sewerlines,
waterlines, streets, sidewalks, bridges, roads, highways, public
ways, and any other infrastructure improvements;
(2) the leasing or purchase of land and any site improvements to
land;
(3) the construction, leasing, or purchase of buildings or other
structures;
(4) the rehabilitation, renovation, or enlargement of buildings or
other structures;
(5) the leasing or purchase of machinery, equipment, or
furnishings; or
(6) the training or retraining of employees whose jobs will be
created or retained as a result of the initiative.
"Fund" means the counter-cyclical revenue and economic
stabilization fund established under this chapter.
"General fund revenue" means all general purpose tax revenue and
other unrestricted general purpose revenue of the state, including
federal revenue sharing monies, credited to the:
(1) state general fund; or
(2) property tax replacement fund;
and from which appropriations may be made. The term "general fund
revenue" does not include revenue held in the reserve for tuition
support under IC 4-12-1-12.
"Implicit price deflator for the gross national product" means the
implicit price deflator for the gross national product, or its closest
equivalent, which is available from the United States Bureau of
Economic Analysis.
"Political subdivision" has the meaning set forth in IC 36-1-2-13.
"Qualified economic growth initiative" means an economic growth
initiative that is:
(1) proposed by or on behalf of a political subdivision to promote
economic growth, including the creation or retention of jobs or the
infrastructure necessary to create or retain jobs;
(2) supported by a financing plan by or on behalf of the political
subdivision in an amount at least equal to the proposed amount of
the grant under section 15 of this chapter; and
(3) estimated to cost not less than twelve million five hundred
thousand dollars ($12,500,000).
"State personal income" means state personal income as that term is
defined by the Bureau of Economic Analysis of the United States
Department of Commerce or its successor agency.
"Total state general fund revenue" for a particular state fiscal year
means the amount of that revenue for the particular state fiscal year as
finally determined by the auditor of state.
"Transfer payments" means transfer payments as that term is defined
by the Bureau of Economic Analysis of the United States Department
of Commerce or its successor agency.
SOURCE: IC 4-10-18-4; (05)MO184503.3. -->
SECTION 3. IC 4-10-18-4 IS AMENDED TO READ AS
FOLLOWS [EFFECTIVE JULY 1, 2005]: Sec. 4. (a) If the annual
growth rate for the calendar year preceding the current calendar year
exceeds two percent (2%), there is appropriated to the fund from the
state general fund, for the state fiscal year beginning in the current
calendar year, an amount equal to the product of:
(1) the total state general fund revenues for the state fiscal year
ending in the current calendar year; multiplied by
(2) the remainder of:
(A) the annual growth rate for the calendar year preceding the
current calendar year; minus
(B) two percent (2%).
(b) If the annual growth rate for the calendar year immediately
preceding the current calendar year is less than a negative two percent
(-2%), there is appropriated from the fund to the state general fund and
the property tax replacement fund, for the state fiscal year beginning
in the current calendar year, an amount equal to the product of:
(1) the total state general fund revenues for the state fiscal year
ending in the current calendar year; multiplied by
(2) negative one (-1); and further multiplied by
(3) the remainder of:
(A) the annual growth rate for the calendar year preceding the
current calendar year; minus
(B) negative two percent (-2%).
The amount appropriated to each fund is proportional to the
amount needed to balance each fund as described in section 9 of
this chapter.
SOURCE: IC 4-10-18-5; (05)MO184503.4. -->
SECTION 4. IC 4-10-18-5 IS AMENDED TO READ AS
FOLLOWS [EFFECTIVE JULY 1, 2005]: Sec. 5. (a) As soon as the
auditor of state makes a final determination of the amount of total state
general fund revenues for a particular state fiscal year,
he the auditor
shall certify that amount to the budget director.
(b) As soon as possible after receiving the certification from the
auditor of state under subsection (a), the budget director shall determine
the amount, if any, that is appropriated into or out of the fund under
section 4 of this chapter. If an appropriation is made into the fund under
section 4 of this chapter, the budget director shall immediately certify
that amount to the treasurer of state. If an appropriation is made out of
the fund under section 4 of this chapter, the budget director shall certify
to the treasurer of state an amount equal to the part of the appropriation,
if any, by which the general fund general operating budget
and the
noncapital budget payable from the property tax replacement fund
for the state fiscal year for which the appropriation is made, exceeds the
budget director's estimate of the total general fund revenues for that
same state fiscal year. The budget director shall make the certification
or certifications of money to be transferred out of the fund at the time
or times that
he the budget director determines the general fund
general operating budget
and the noncapital budget payable from the
property tax replacement fund would exceed the total estimated state
general fund revenues.
(c) Immediately upon receiving a certification from the budget
director under subsection (b), the auditor of state and treasurer of state
shall make the appropriate transfer into or out of the fund.
(d) Any amount, which is appropriated out of the fund under section
4 of this chapter, but which has not been transferred out of the fund
under this section at the end of the state fiscal year for which the
appropriation is made, shall revert to the fund.
SOURCE: IC 4-10-18-8; (05)MO184503.5. -->
SECTION 5. IC 4-10-18-8 IS AMENDED TO READ AS
FOLLOWS [EFFECTIVE JUNE 15, 2005]: Sec. 8. (a) Except as
provided in subsection (b), if the balance, at the end of a state fiscal
year, in the fund exceeds seven ten percent (7%) (10%) of the total
state general fund revenues for that state fiscal year, the excess is
appropriated from the fund to the property tax replacement fund
established under IC 6-1.1-21. The auditor of state and the treasurer of
state shall transfer the amount so appropriated from the fund to the
property tax replacement fund during the immediately following state
fiscal year.
(b) If an appropriation is made out of the fund under section 4 of this
chapter for a state fiscal year during which a transfer is to be made from
the fund to the property tax replacement fund, the amount of the
appropriation made under subsection (a) shall be reduced by the amount
of the appropriation made under section 4 of this chapter. However, the
amount of the appropriation made under subsection (a) may not be
reduced to less than zero (0).
SOURCE: IC 4-10-18-9; (05)MO184503.6. -->
SECTION 6. IC 4-10-18-9 IS AMENDED TO READ AS
FOLLOWS [EFFECTIVE JULY 1, 2005]: Sec. 9. If the total state
general fund revenues for a state fiscal year, in which a transfer into the
fund is made, are less than the level estimated in the budget report
prepared in accord with IC 4-12-1-12(a) or (c) and the shortfall cannot
be attributed to a statutory change in the tax rate, the tax base, the fee
schedules, or the revenue sources from which the general fund revenue
estimate was made, there is appropriated from the fund to the state
general fund an amount that may not exceed the lesser of the following
two (2) amounts:
(1) the amount that was transferred into the fund during that state
fiscal year; or
(2) the amount necessary to balance the general fund general
operating budget and the noncapital budget payable from the
property tax replacement fund for that state fiscal year.".
SOURCE: Page 13, line 18; (05)MO184503.13. -->
Page 13, between lines 18 and 19, begin a new paragraph and insert:
SOURCE: ; (05)MO184503.16. -->
"SECTION 16. [EFFECTIVE JUNE 15, 2005]
(a) IC 4-10-18-1, as
amended by this act, applies to deposits in the counter-cyclical
revenue and economic stabilization fund made after June 14, 2005.
(b) IC 4-10-18-4, IC 4-10-18-5, and IC 4-10-18-9, all as amended
by this act, apply only to distributions from the counter-cyclical
revenue and economic stabilization fund after June 30, 2005.
SOURCE: ; (05)MO184503.17. -->
SECTION 17. [EFFECTIVE JUNE 15, 2005] IC 4-10-18-8, as
amended by this act, applies to state fiscal years ending after June
30, 2005.
SOURCE: ; (05)MO184503.18. -->
SECTION 18.
An emergency is declared for this act.".
Renumber all SECTIONS consecutively.
(Reference is to HB 1845 as printed February 22, 2005.)
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MO184503/DI 52 2005