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Ch. 400 2006 LAWS OF MARYLAND
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SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That the Laws of Maryland read as follows:
Article—State Finance and Procurement
7-311.
(a) (1) In this section the following words have the meanings indicated.
(2) "Account" means the Revenue Stabilization Account.
(3) "Estimated General Fund revenues" means the estimated General
Fund revenues stated in the annual report of the Board of Revenue Estimates
submitted to the Governor under § 6-106 of this article.
(b) The Revenue Stabilization Account is established to retain State revenues
for future needs and reduce the need for future tax increases by moderating revenue
growth.
(e) The Account is a continuing, nonlapsing fund which is not subject to §
7-302 of this subtitle.
(d) The Account consists of:
(1) moneys appropriated in the State budget to the Account; and
(2) interest or other income earned from the investment of any portion of
this Account or any other account in the State Reserve Fund.
(e) Except as provided in subsection (f) of this section, for each fiscal year:
(1) if the Account balance is below 3% of the estimated General Fund
revenues for that fiscal year, the Governor shall include in the budget bill an
appropriation to the Account equal to at least $100,000,000; and
(2) if the Account balance is at least 3% but less than 5% of the estimated
General Fund revenues for that fiscal year, the Governor shall include in the budget
bill an appropriation to the Account equal to at least the lesser of $50,000,000 or
whatever amount is required for the Account balance to exceed 5% of the estimated
General Fund revenues for that fiscal year.
(f) The appropriations required by subsection (c) of this section are not
required when the Account balance exceeds 5% of the estimated General Fund
revenues.
(g) If authorized by an act of the General Assembly or specifically authorized
in the State budget bill as enacted, the Governor may transfer funds from the Account
to General Fund revenues.
(h) If the budget bill as submitted to the General Assembly includes a transfer
of funds from the Account pursuant to subsection (g) of this section, the budget bill as
enacted by the General Assembly may provide for a reduction of the amount of the
transfer from the Account by an amount up to the amount of the reductions made by
the General Assembly in the General Fund appropriations.
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