Rep. PACE proposes the following Amendment No. to H.4025 as introduced by Ways & Means

(Doc Name h:\legwork\house\amend\h-wm\011\income tax relief trust fund.docx):

EXPLANATION: Establish the Income Tax Relief Trust Fund.

Amend the bill, as and if amended, Part IB, Section 118, STATEWIDE REVENUE, page 591, after line 36, by adding an appropriately numbered proviso to read:

/(SR: Income Tax Relief Trust Fund) For Fiscal Year 2025-26, the reduction of $1,000,000,000 in general fund appropriations to state agencies shall be transferred into an Income Tax Relief Trust Fund that shall be established and administered by the State Treasurer's Office. The State Treasurer shall maintain these funds in a separate, interest-bearing account, and no funds deposited may be expended or transferred without authorization by the General Assembly. Any interest accrued shall be retained by the fund for the purpose of income tax relief./

Renumber sections to conform.

Amend totals and titles to conform.