Enacts the rainy day act; moves funds from the tax stabilization fund to the rainy day reserve fund; increases the maximum balance; requires certain.

The bill enacts the "rainy day act," transferring all funds from the tax stabilization reserve fund to the rainy day reserve fund. It increases the maximum balance of the rainy day reserve fund to thirty percent of the aggregate amount projected to be disbursed from the general fund during the fiscal year. The state comptroller must deposit into the rainy day reserve fund two-thirds of common rate and base tax receipts growth in excess of two percent.

Enacts the rainy day act; moves funds from the tax stabilization fund to the rainy day reserve fund; increases the maximum balance; requires certain.

The bill enacts the "rainy day act," transferring all funds from the tax stabilization reserve fund to the rainy day reserve fund. It increases the maximum balance of the rainy day reserve fund to thirty percent of the aggregate amount projected to be disbursed from the general fund during the fiscal year. The state comptroller must deposit into the rainy day reserve fund two-thirds of common rate and base tax receipts growth in excess of two percent.