S.1402

Establishes a surplus revenue reserve account in the Property Tax Relief Fund for unanticipated gross income tax revenue.

This bill establishes a Surplus Gross Income Tax Revenue Account within the Property Tax Relief Fund. The State Treasurer credits this account with half of the excess gross income tax revenue collected if it exceeds the certified amount by more than six percent. The account serves as a reserve for property tax relief and State Aid programs. Funds can be appropriated by the Legislature if anticipated gross income tax revenues are less than certified, to offset revenue declines instead of increasing tax rates, or for emergencies identified by the Governor.