2001 Senate Bill 117 ↩

House Roll Call 1024: Passed

To require that the Single Business Tax (SBT) rate be reduced by an additional one-tenth percent if there is an ending balance in a year of more than $1.2 billion in Budget Stabilization Fund (BSF, or "rainy day fund"), or if deposits of more than $250 million are made to the fund. The bill was amended to lower the "trigger" level that would postpone the 23-year Single Business Tax (SBT) phaseout if the balance in the BSF falls below $50,000. Under current law, if the BSF falls below $250 million, the annual one-tenth percent SBT tax rate cuts will not happen for that year. (The Senate version lowered the trigger to $1.) See also House Bill 5883, which draws down the BSF below the $250 million trigger. If SB 117 does not become law, HB 5883 will cause the postponement of the next two SBT rate cuts.