HB1947

Pennsylvania HB1947 sets fiscal year spending limits, allows emergency spending, requires revenue increases, and establishes the Commonwealth Reserve.

Pennsylvania HB1947, known as the Responsible Budgeting Act, establishes a limit on fiscal year spending, allowing for emergency spending with specific conditions. It mandates that revenue increases be proportional to taxpayers' contributions, with surpluses reducing debt or other liabilities. The act creates the Commonwealth Reserve Fund, funded by budget surpluses and earnings, which supports spending within the fiscal year limit and triggers rebates when it reaches 15% of the spending limit. The fund's growth is tied to the state's gross product and a deficit brake mechanism.