House Sponsors: BLACK-BERGMAN. Short description: TAXPAYER REFUND ACT Synopsis of Bill as introduced: Creates the Taxpayer Refund Act. Provides that for any fiscal year in which the revenues into the State's general funds exceed the prior year's general funds revenues, the excess funds shall be deposited into the Rainy Day Fund, a special fund created in the State treasury to retain State revenues for future needs, reduce the need for future tax increases, and provide available resources to meet State obligations whenever failures in revenues occur. Provides that if, at the close of a fiscal year on June 30, the Rainy Day Fund contains more than $400,000,000, then the excess amount shall be refunded as soon as possible to taxpayers with an adjusted gross income of less than $100,000. Provides that refunds shall be pro rata based on the liability reported on and paid with respect to the taxpayer's income tax return. Provides that the Department of Revenue shall adopt rules to implement the refund provisions of this Act. Amends the State Finance Act to create the Fund. Last action on Bill: SESSION SINE DIE Last action date: 99-01-12 Location: House Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 0 SENATE - 0 END OF INQUIRY Full Text Bill Status