Limits annual state spending to median wage growth and dedicates excess revenues to property tax relief.

The bill sets a cap on annual state spending growth to the median wage growth over the past 10 fiscal years. It mandates that any excess revenues be dedicated to reducing property taxes. The economic and revenue forecast council is tasked with calculating the annual spending growth cap and the amount of estimated revenues in excess of the state expenditure limit. The state expenditure limit is defined as the previous fiscal year's state expenditure limit increased by the annual spending growth cap percentage.

Limits annual state spending to median wage growth and dedicates excess revenues to property tax relief.

The bill sets a cap on annual state spending growth to the median wage growth over the past 10 fiscal years. It mandates that any excess revenues be dedicated to reducing property taxes. The economic and revenue forecast council is tasked with calculating the annual spending growth cap and the amount of estimated revenues in excess of the state expenditure limit. The state expenditure limit is defined as the previous fiscal year's state expenditure limit increased by the annual spending growth cap percentage.