The Georgia State Senate today overwhelmingly passed the Taxpayer Protection Amendment (SR1), authored by Senate Majority Leader Chip Rogers (R-Woodstock). The measure received bi-partisan support and earned a Constitutional majority by a 43-9 vote.
The Taxpayer Protection Amendment seeks to limit the spending of state budget surpluses and help rebuild Georgia’s "Rainy Day" fund. If approved by voters, SR 1 will require that any budget surplus, remaining after funding education requirements, must go into the "Rainy Day" fund until the fund reaches 10 percent of the previous year budget. Additional surplus money beyond the 10 percent "Rainy Day" fund would go to retire state debt or be returned to the taxpayers.
"When taxpayers send us more money than necessary to run government, we should not spend it. This allows us to properly rebuild the Rainy Day fund and at some point begin retiring state debt along with giving money back to the Georgians who earned it," Sen. Rogers said today.
"The state budget should be about meeting the Constitutional requirements of government, not about spending every dollar we take from the taxpayers. While the politicians in Washington D.C. attempt to bankrupt our children and grandchildren, we in Georgia will lead the way with responsible fiscal restraint."
If the bill is passed by the Georgia House of Representatives, SR 1 will appear on the ballot in 2010 as a "yes/no" question for voters. For more information on the resolution, go to www.legis.ga.gov.
Senate Press Release