Sen. Roy Ashburn

The Personal Income Tax Law authorizes various credits against the taxes imposed by that law. This bill would authorize a credit against those taxes in an amount equal to the lesser of 5% of the purchase price of a qualified principal residence, as defined, or $10,000 dollars. This bill would take effect immediately as a tax levy.

Senate Constitutional Amendment No. 13 of the 2007–08 Regular Session, as amended by Senate Constitutional Amendment No. 30 of the 2007–08 Regular Session, would, if approved by the voters, make certain changes relating to state finance. This measure would withdraw Senate Constitutional Amendment No. 30 from the consideration of the voters. Senate Constitutional Amendment No. 13 of the 2007–08 Regular Session, if approved by the voters, would rename the Budget Stabilization Account the Budget Stabilization Fund and would provide that all moneys in the fund not designated for deposit into the Deficit Recovery Bond Retirement Sinking Fund Subaccount may be transferred to the General Fund by a statute that contains no unrelated provisions or may be loaned to the General Fund to address a General Fund cashflow deficit. That measure would further require the Director of Finance, on or before May 29 of each year, to report to the Legislature and the Governor an estimate of the amount of General Fund revenues, transfers, and balances available from the prior fiscal year for the current fiscal year and the impact of tax legislation adopted during the current fiscal year subsequent to the enactment of the Budget Bill. In addition, that measure would provide that if, pursuant to a formula based on those estimates, there are unanticipated revenues in the current fiscal year, those revenues may be used only for specified purposes, and in a specified order of priority. This measure would amend those provisions to also create the Supplemental Budget Stabilization Account, and to establish the Supplemental Education Payment Account if a constitutional provision is added to provide for supplemental education payments, as specified. The measure would also provide that, apart from a transfer made for the purpose of responding to an emergency declared by the Governor, as defined, or a loan to meet General Fund cash requirements which would be repaid within a fiscal year, the total amount that may be transferred from the Budget Stabilization Fund to the General Fund for any fiscal year shall not exceed the amount derived by subtracting the General Fund revenues, transfers, and balances available from the prior fiscal year for that fiscal year from the expenditure forecast amount for the current fiscal year, determined as total General Fund expenditures for the immediately preceding fiscal year adjusted for changes in population and the cost of living. In addition, this measure would direct the Controller to transfer, on October 1 of each year beginning in 2011, from the Budget Stabilization Fund to the Supplemental Education Payment Account, if established, a sum equal to 1.5% of the estimated General Fund revenues for the current fiscal year until a specified total amount is met. After that amount is met, or if the Supplemental Education Payment Account is not established, the Controller would instead be required to transfer that sum on October 1 of each year to the Supplemental Budget Stabilization Account, from which appropriations could be made only for capital outlay purposes or to retire bonded indebtedness of the state. This measure would further provide that, commencing with the 2010–11 fiscal year, unanticipated revenues shall be determined pursuant to a formula either based on estimates of General Fund revenues for the current fiscal year and the revenue forecast amount for the current fiscal year, as defined, or based on estimates of General Fund revenues, transfers, and balances available from the prior fiscal year for the current fiscal year and the expenditure forecast amount for the current fiscal year. The measure would also modify the education funding purposes for which unanticipated revenues could be expended.