2001 Senate Bill 117 ↩

Senate Roll Call 809: 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. See also House Bill 5883, which draws down the BSF below the $250 million trigger. If SB 117 does not become law, passage of HB 5883 will cause the postponement of the next two SBT rate cuts. The governor had indicated prior to this vote that SB 117 would be vetoed.