Budget & Taxes (State Budget)

SB 67 establishes a legal limit on the total amount of personal income tax revenue the state can collect annually. If tax collections exceed this cap, the state must refund the excess amount proportionally to all personal income taxpayers. The bill directly affects every individual or household paying state personal income tax by guaranteeing refunds when revenue surpasses the set threshold. This policy change creates a binding fiscal constraint on the state’s ability to raise revenue through its income tax system.