Video & Transcript : 'inflation impacts' :
Page 81 of 500
LA
Louisiana 2026 Regular Session
Revenue and Fiscal Affairs May 11th, 2026
Transcript Highlights:
- And so in terms of the fiscal impact of the agency, and these are agency self-generated fees, they have
- And since it's property tax, there's no impact on the state fiscal situation. No fiscal. Okay.
- So we've got a $4.50 fee that has not been increased since, I think, 2005 or 2006 to keep up with inflation
- And during that same period of time, the cumulative rate of inflation has been approximately 40%, while
- the proposed fee structure would be roughly around 20 to 25%, which is well below inflation.
Summary:
The Senate Committee on Revenue and Fiscal Affairs met on May 11, 2026, approved the April 27 minutes, and then took up several House bills. HB 618, by Rep. McMakin, would update Louisiana Economic Development fees and filing charges by indexing them to inflation and allowing some discretion to waive or reduce fees for small businesses; it was reported favorable. HB 732, by Rep. Owen, drew extensive discussion because it combined two issues: temporary OMV relief for a hospice-related ID problem and a suspension of the new hybrid vehicle road usage fee. Members and the OMV commissioner raised constitutional and drafting concerns about waiving or eliminating obligations, and the committee discussed how newer vehicle classifications blur the line between electric, hybrid, and gas-powered vehicles. The committee ultimately reported HB 732 favorable, with the understanding that amendments and further work would be needed before floor action.
The committee also reported favorable on HB 217 and HB 214 by Rep. Henry, which would authorize local governments to grant property tax exemptions for the rehabilitation of blighted property and place the related constitutional amendment before voters. Testimony emphasized that the measure is permissive for local governments, applies only after a property is formally blighted and rehabilitated, and is intended to encourage redevelopment while preserving some tax revenue. Members discussed the exemption level, duration, and the need for clearer definitions of blight, but no objections were raised. HB 593, also by Rep. Henry, would raise the maximum service fee for OMV public tag agent offices statewide; the commissioner explained that many offices are locally operated and that the increase would help cover costs, and the bill was reported favorable.
Later, HB 514 and HB 961, by Rep. Foreman, were reported favorable. HB 514 would allow local governments, by referendum, to provide additional property tax relief for seniors who meet income and freeze requirements, with phased age-based eligibility steps; HB 961 would extend a similar concept to certain homesteads held in trust. Members discussed the optional local nature of the program and the need to avoid overly broad rules. HB 908, by Rep. Mina, would increase certain Secretary of State business services fees to support operations and system upgrades; agency officials said the fees had not been comprehensively adjusted since 2013 and remained below regional averages, and the bill was reported favorable. The committee then heard an informational update on the capital outlay bill from the Division of Administration, including the use of bundled projects for universities and DOTD, the status of P1/P2/P5 funding, and available cash capacity. Finally, HB 1010, by Rep. Deshotel, was reported favorable after brief discussion; it would require assessors to report property tax collections to the Louisiana Tax Commission for centralized public reporting.
MN
Minnesota 2025-2026 Regular Session
Committee on Agriculture, Veterans, Broadband and Rural Development - 02/17/25
Agriculture, Veterans, Broadband, and Rural Development
Transcript Highlights:
- </c> the Aven flu and how that's impacting the Aven flu and how that's impacting not<00:37:36.319><c>
- us impacts all of us, and that we're connected in the work we do in Minnesota agriculture.
- </c><01:32:04.760><c> of</c> here today to talk about the impact of here today to talk about the impact
- Another potential impact is the Commodity Credit Corporation funding, or CCC.
- </c> um how incredible the the inflation um how incredible the the inflation reduction<01:46:04.239><
WA
Washington 2025-2026 Regular Session
Senate Early Learning & K-12 Education Feb 18th, 2026 at 10:30 am
Early Learning & K-12 Education
Transcript Highlights:
- A fiscal note from 2025 estimates no fiscal impact.
- DCYF states no fiscal impact. That concludes my presentation.
- So that budget is already impacted by our projects.
- And on these numbers, they are very, very high cost impacts.
- The bill has no impact on the state budget.
Bills:
HB1796
Committee:
Senate Early Learning & K-12 Education
HI
Hawaii 2026 Regular Session
CPN DEFER, CPN, CPN-TRS, EDT-CPN, CPN-HHS, HHS-CPN DEFER, CPN DEFER Public Hearings 02-18-2026
Commerce and Consumer Protection
Transcript Highlights:
- We all agree that this bill will have a negative impact on the cost of food.
- Uh, well, they're both measures of inflation adjustment.
- </c> regardless of what inflation has been. regardless of what inflation has been.
- </c> would also impact as well. would also impact as well.
- </c> protections in this bill directly impact protections in this bill directly impact law<01:15:15.440
Committee:
Senate Commerce and Consumer Protection
Summary:
The Senate Committee on Commerce and Consumer Protection reconsidered two condominium bills and adopted recommendations to pass both with amendments. For SB 2433, members approved amendments clarifying that condominium unit owners’ interests are to be recognized and protected in educational and related programs by the Real Estate Commission and DCCA, while making technical changes and changing the effective date. For SB 2838, the committee replaced the bill’s broader substantive language with a narrower requirement that associations provide electronic copies of specified documents, including master leases, reserve studies, audited financial statements, contracts, leases, and other agreements, along with technical changes and an amended effective date. Both measures were adopted unanimously by the members present, with Senator McKelvey excused.
The committee then heard SB 2710 on animal issues, which would define and regulate dog breeders, set care standards, create county licensing authority, require records, and establish an animal abuser registry and related penalties. Testimony was mixed: the Public Defender and the American Kennel Club opposed the bill, arguing for stronger enforcement of existing laws rather than harsher penalties and warning that the bill would burden responsible breeders; the Hawaiian Humane Society supported the bill’s breeder regulation and registry provisions but urged removal of the hoarding section; and the committee noted 26 written testimonies in support, 14 in opposition, and four comments. In decision-making, the committee passed SB 2710 with amendments that blanked the license fee, deleted the animal abuser registry and shelter/pet store/breeder compliance checks, struck the hoarding provisions and proposed criminal penalty changes, and made technical changes with a deferred effective date.
The committee also heard SB 2209 on rental discrimination, which would allow attorney’s fees to a prevailing party in source-of-income discrimination cases, and SB 2884, which would create a nonrefundable income tax credit for wind-resistant retrofits or hurricane shelters. The Hawaii Civil Rights Commission supported SB 2209, and the committee later passed it with a deferred effective date. SB 2884 drew support from DCCA’s Insurance Division, the Department of Taxation, HEMA, the Climate Change Mitigation and Adaptation Commission, and a public witness who urged hurricane preparedness; it was passed with the Department of Taxation’s proposed amendments and a deferred effective date.
Finally, the committee heard SB 2922 on cooperative associations, which would create a general cooperative associations framework. DCCA offered comments, while the Hawaii Co-op Hui, Purple Maya Foundation, Enliven Cooperative, and Hawaii Farmers Union supported the measure and argued that current law is too limited for worker, producer, and multi-stakeholder co-ops. After discussion about using the existing chapter 421C structure rather than creating a new regulatory scheme, the committee passed SB 2922 with amendments adopting changes proposed in testimony from the Hawaii Farmers Union and deferred the effective date.
MN
Minnesota 2025-2026 Regular Session
Committee on Judiciary and Public Safety - 04/11/25
Judiciary and Public Safety
Transcript Highlights:
- This uh impact to victims and families.
- You know, this anticipated inflation.
- Um we um impacted um by crime.
- </c><01:21:38.080><c> by</c> the suburbs might be impacted by the suburbs might be impacted by violence
- Um I've I've the impacts on staffing.
Committee:
Senate Judiciary and Public Safety
MA
Massachusetts 2025-2026 Regular Session
Formal House Session 19 Feb 26th, 2026
Massachusetts House Floor Meeting
Transcript Highlights:
- the Commonwealth over the past several years while blunting the impact of the Trump administration's
- The high cost of energy is hurting our constituents and negatively impacting the Commonwealth's economic
- They also rescinded vital funds from the Inflation Reduction Act.
- This is a deep-seated crisis that has seen utility bills rising far faster than inflation, forcing too
- He leaves behind a lasting impact on Fall River, Durfee High School, and the generations of students,
Summary:
The House opened with routine formalities and then adopted a resolution recognizing the work of Ukraine Forward after suspending the rules. Members also suspended Joint Rule 12 to allow several petitions to proceed, including proposals related to a poverty-reduction grant program, an unemployment insurance study commission, and a local police-exam age waiver. The House then took up a major energy bill, House No. 4744/5151, reported by Ways and Means and scheduled by Steering, Policy and Scheduling, and advanced it through second reading and to third reading after adopting the committee amendment.
The main floor debate centered on the energy affordability, clean power, and economic competitiveness bill. Supporters argued it would lower rates through reforms to Mass Save, changes to procurement and interconnection, returning a share of alternative compliance payments to ratepayers, and other consumer protections, while preserving long-term clean energy goals. Opponents said the bill’s relief was too delayed and that it added costs and bureaucracy without immediate help for households facing high bills. Several amendments were offered and rejected, including proposals to suspend public benefit charges for a year, change utility rate-filing disclosure rules, and alter propane delivery protections; one amendment on solar siting in forested areas was also defeated.
The House adopted a consolidated amendment to the energy bill by a roll call vote of 127-27, and earlier adopted the Ways and Means substitute version of the bill. The chamber also passed several other bills to be engrossed or enacted, including measures on unemployment insurance for fluctuating schedules, the Medical Society mission statement, a youth training wage, bridge and intersection designations, handicapped parking fines, public way safety, excavation restoration, and a Newton police age requirement. The House observed multiple moments of silence honoring deceased veterans, public servants, and community figures, including Navy Petty Officer Joden Booker, coach Thomas Skip Karam, former Police Chief Carlton Abbott, and former legislator William Q. Biff McLean, Jr.
OK
Oklahoma 2026 Regular Session
Appropriations and Budget Feb 24th, 2026 at 04:30 pm
Appropriations and Budget
Transcript Highlights:
- There is fiscal impact, so we'll move to strike title without objection.
- Has a fiscal impact. We’ll move to strike title without objection.
- I think you see the fiscal impact statement; I don’t think there is expected to be much of any of one
- Follow up: Would your bill, as we're reading it, directly impact and increase the probability of a young
- But for clarification, the private funds also come with a tax credit that directly impacts the public
Bills:
HB3622 , HB3621 , HB3151 , HB3882 , HB3661 , HB4273 , HB3644 , HB3706 , HB3708 , HB2021 , HB3986 , HB3972
Committee:
House Appropriations and Budget
Keywords:
HB3622, 2030 Census, Decennial Census, U.S. Decennial Census Revolving Fund, Oklahoma Department of Commerce, Commerce Department, census preparation, federal census, state treasury fund, revolving fund, continuing fund, deemed appropriated, technology upgrades, census outreach, redistricting, population count, Title 74, OMES, State Treasurer, budgeting
OK
Transcript Highlights:
- There's no fiscal impact. With that, I yield for questions.
- So I saw that they said they're not sure if inflation's impacting the uptake of this opportunity, but
- So I saw that they said they're not sure if inflation's impacting the uptake of it.
- So I saw that they said they're not sure if inflation's impacting the uptake of this opportunity, but
- This is more of an administrative bill because the measure has no physical impact.
Bills:
SB1280 , SB1392 , SB1393 , SB1395 , SB1400 , SB1405 , SB1832 , SB1839 , SB1989 , SB2001 , SB2143
Committee:
Senate Revenue and Taxation
Summary:
The Senate Revenue and Taxation Committee took up a mix of tax policy, incentive, and administrative measures, beginning with an annual motion authorizing the chair to request OSBI background checks for any Horse Racing Commission nominees. The committee then passed Senate Bill 1839, as amended, to create a de minimis ad valorem tax exception for personal property valued at $5,000 or less per account. The committee also confirmed Daniel LaFortune to the Oklahoma Tax Commission by a 12-0 vote, with LaFortune emphasizing his IRS background and commitment to customer service and fairness.
Several other bills were approved, including Senate Bill 1280 to align the plugging fund sunset date in the tax code with another statute; Senate Bill 1832 to reauthorize income tax refund checkoffs for veterans programs; Senate Bill 2001 to freeze property taxes for three years for homeowners displaced by a turnpike or eminent domain, though members raised concerns about downsizing and future valuation; and Senate Bill 1405 to renew the wildlife diversity checkoff, with testimony clarifying it would fund non-game species rather than predator reintroduction. Senate Bill 1989 also passed, expanding the Oklahoma College Savings Plan to accept digital payment platforms such as Venmo and PayPal, with members discussing how deposits would be tracked.
The committee then considered Senate Bill 2143, which would allow counties to use aerial or satellite imagery and fixed-wing aircraft for property assessment while excluding drones; supporters cited efficiency, safety, and accuracy, while opponents raised privacy, foreign-company, and taxpayer-frustration concerns. The bill passed 7-4. Senate Bill 1393, a housing redevelopment tax credit for vacant and abandoned properties, passed 8-3 after discussion about affordable housing requirements and project ranking. The committee also approved three Incentive Evaluation Commission recommendations: Senate Bill 1392 to increase the aerospace engineer employee tax credit, Senate Bill 1395 to limit carryforward of the new jobs tax credit to seven years, and Senate Bill 1400 to consolidate aircraft-related sales tax exemptions. The meeting adjourned after the chairman noted more bills would be heard at a later meeting.
WA
Transcript Highlights:
- But it's the cumulative impact of all the sales tax preferences, not to mention the numerous and...
- , much less rising... ...concerns and how our revenues aren't keeping up with even basic inflation, much
- I really appreciate all the comments that we received from them, all the way from the impacts to the
- As you know, I've bothered you a lot about the impact of 5814 on our schools.
- As you know, I've bothered you a lot about the impact of 5814 on our schools.
Committee:
House Finance
Keywords:
property tax, reform, local government, taxpayer, funding, agriculture, tax exemption, farm machinery, equipment, sales tax, HB 2610, property tax exemption, nonprofit housing, affordable housing, low-income housing, community use, temporary use, charitable property, Washington property tax, Department of Revenue
CA
California 2025-2026 Regular Session
Assembly Revenue and Taxation Committee Jul 7th, 2025
Revenue and Taxation
Transcript Highlights:
- Pursuant to the committee rules, Pursuant to the committee rules, bills with a fiscal impact greater
- We believe this reform is expected to generate an economic impact of $1 to $2.3 billion while encouraging
- We believe this reform is expected to generate an economic impact of $1-2-3 billion while encouraging
- Just to give you an example of the impacts of all this, according to data from the city of Malibu, I
- Again, just common-sense tailorings to ensure that those who have been impacted have the best support
Committee:
House Revenue and Taxation
Summary:
The Assembly Committee on Revenue and Taxation heard several tax-related bills, with most measures either passing, being sent to suspense, or being approved on consent. SB 284 would clarify Proposition 19 rules for inherited family homes in probate, including when the one-year occupancy deadline begins and whether sibling ownership consolidation triggers reassessment; it drew support from Realtors and opposition from assessors over concerns about expanding exclusions and creating administrative complexity, and it was sent to suspense. SB 333 would let San Luis Obispo County voters approve a local transportation sales tax above the current combined local tax cap, with supporters arguing it would fund major transportation needs and opponents warning about regressive tax burdens; it passed 5-2 with a five-year sunset amendment. SB 376, which clarifies that charitable remainder trusts are not treated as incomplete gift non-grantor trusts for California income tax purposes, had support from the California Lawyers Association and passed unanimously to Appropriations as amended.
The committee also heard SB 591, which would replace steep penalties for failing to use electronic funds transfer for certain tax payments with fixed penalties of $100 for a first violation and $500 for later violations unless reasonable cause is shown. Supporters said current penalties can be excessive and out of line with other states, while members questioned how common the problem is and why checks are still used; the bill was sent to suspense. SB 419 would partially exempt hydrogen fuel from the state sales and use tax while leaving the existing annual road fee in place, with supporters saying the current tax structure discourages hydrogen adoption and opponents seeking amendments; it too went to suspense. SB 587 would create a state tax credit for local sales tax paid by manufacturers on qualified equipment purchases, with broad support from industry and local business groups and committee members emphasizing the need to keep manufacturing jobs in California; it was also sent to suspense.
The committee then took up SB 710, which would extend and update the property tax exclusion for solar and storage installations, including a new limited exclusion for systems installed after January 1, 2026, with a five-year sunset amendment. Supporters said the measure preserves a long-standing incentive that helps solar adoption and affordability, while one large energy consumer group registered opposition unless amended; after questions about how the exclusion works, the bill was sent to suspense. The consent item, SB 863, passed 7-0 to the Assembly Floor. Finally, SB 663, an urgency measure to extend deadlines and exemptions for property tax relief after the January wildfires, was presented with strong support from assessors and members, but the committee noted technical issues and sent it to suspense for further work.
MN
Transcript Highlights:
- Madam Chair and also Chair Aikam, this House File 2103 could have a huge impact in many areas of our
- It would have a direct impact as farmers could choose green fertilizer as a way to reduce their carbon
- And we'll show that the costs that Excel assigns to community solar are inflated, and the economic and
- Make no mistake, the impact of this bill would irrevocably harm ENGIE's investments made in Minnesota
- If retroactive changes in law were routine, can you imagine the impact this would have on businesses?
Committee:
House Energy Finance and Policy
CA
California 2025-2026 Regular Session
Assembly Appropriations Committee May 23rd, 2025
Transcript Highlights:
- AB 349, Dixon, foster care infant supplement: due pass as amended to retain the inflation adjustment;
- amended to increase instead of eliminate the price caps and allow DFW to annually adjust the cap for inflation
- AB 342, Haney, hours of sales: do pass as amended to require the license fee be adjusted for inflation
- AB 244, Wicks, Transportation Impact Mitigation: do pass on an A roll call.
Summary:
The Assembly Appropriations Committee held its May 23, 2025 suspense hearing and opened by emphasizing the difficult budget environment, rising costs for constituents, and the need to make tough choices. The chair said many bills would be held, amended to reduce costs, or made two-year bills because the state could not afford broad program expansions this year. The committee also noted the agenda was organized alphabetically by author and that results would be posted later that day.
The committee then acted on a large suspense file, taking up hundreds of Assembly bills across topics including housing, health care, education, labor, public safety, climate, water, transportation, elections, and technology. Many bills were held in committee, while many others were approved with cost-saving, clarifying, or author’s amendments. Examples included measures on CalABLE, Covered California enrollment, wildfire and insurance issues, reproductive health, school and college programs, prison and juvenile justice matters, AI and data privacy, and local government and utility regulation. Several bills were converted to two-year bills to continue discussion.
Throughout the hearing, the committee repeatedly voted on bills by A roll call or B roll call, often with Republicans not voting on amended measures. Some bills were advanced with notable amendments, such as narrowing scope, removing appropriations, delaying implementation, or striking costly provisions. The committee also approved a number of committee bills and omnibus measures, including emergency management, judiciary, insurance, and water-related bills.
At the end of the hearing, the chair stated that the committee had moved 435 bills to the Assembly floor, either as do pass or do pass as amended, and adjourned the meeting.
AL
Alabama 2025 Regular Session
Alabama Senate Finance and Taxation General Fund Committee Feb 19th, 2025
Finance and Taxation General Fund
Transcript Highlights:
- As you can imagine, with inflation, everything costs $500 now, and... inflation, everything costs $500
- that will lead to us needing more auditors and more funding if we do not tie that to the rate of inflation
- So once every four years, I'll look up the inflation rate, and we will raise that threshold just to keep
- it in line with inflation.
- So those... keep it in line with inflation. So those are the major highlights in the bill.
Committee:
Senate Finance and Taxation General Fund
Keywords:
State Auditor, property investigations, negligence, loss report, civil actions, Alabama Retirement Savings Program, state-facilitated retirement savings, auto-IRA, automatic enrollment, payroll deduction IRA, retirement savings access gap, private sector workers, small business retirement plan, portable retirement account, Roth IRA, traditional IRA, life-cycle fund, capital preservation fund, financial literacy, Department of Workforce
CA
California 2025-2026 Regular Session
Senate Budget and Fiscal Review Subcommittee No. 5 on Corrections, Public Safety, Judiciary, Labor and Transportation Apr 16th, 2026
Transcript Highlights:
- The written BCP goes into much more granular data about the workload impacts.
- The written BCP goes into much more granular data about the workload impacts.
- Can you elaborate on this impact? Yes.
- The impact is felt well beyond the courtroom.
- This has dramatic impacts on the low-income people hauled into This has dramatic impacts on the low-income
NH
Transcript Highlights:
- should be a bipartisan effort, not just one party with 50% plus one vote, which would have a major impact
- So, um, far outpacing the inflation on that about 78.5 million. to the municipal portion uh of the uh
- So um far outpacing the inflation<00:45:55.119><c> on</c><00:45:55.359><c> that</c><00:45:56.160><c>
- about</c><00:45:56.400><c> 78.5</c><00:45:57.359><c> million</c> Inflation on that, about $78.5 million
- , inflation-adjusted, those fiscal '12 numbers.
Committee:
Senate Finance
MN
Minnesota 2025-2026 Regular Session
Conference Committee on HF2446 5/9/25
Transcript Highlights:
- c><00:14:40.160><c> but</c><00:14:40.399><c> the</c><00:14:40.880><c> um</c> impact there is no impact
- but the um impact there is no impact but the um between<00:14:41.440><c> the</c><00:14:41.680><c> two
- There's no impact to the ag fund.
- Um, on line no impact to the egg fund.
- 09.039><c> special</c><00:29:09.360><c> revenue</c> direct impacts to the special revenue direct impacts
Summary:
The Agriculture Conference Committee met for an initial organizational and comparison session on House File 2446, the agriculture broadband and rural development bill. Members introduced themselves, noted that no conference target had yet been set, and agreed to begin with a side-by-side review of House and Senate positions. No oral testimony was taken; instead, the chair listed written testimony submitted by a wide range of agricultural, environmental, local government, food bank, and industry groups.
Nonpartisan fiscal staff walked through the major funding differences. Both bills included some shared items such as operating adjustments, wolf and elk damage compensation, and certain technical changes, but they differed on several major appropriations. The House generally proposed larger increases for meat inspection, local food purchasing, and the Board of Animal Health, and added items such as county inspector grants, biofertilizer innovation, a biosolids/PFAS-related study, a soil health study, broadband installation study funding, an Agri Works program, an Agri Support program, a milk grant program, and several House-only transfers and grants. The Senate included items such as a climate coordinator position, biofuel-related reductions and policy changes, livestock processing funding, farm-to-school and urban agriculture changes, MARL funding, cottage foods licensing updates, and several Senate-only pass-through grants and transfers. Staff also noted differences in the agriculture emergency account transfer approach and in how the two bodies handled the Second Harvest Heartland and related food distribution provisions.
House Research then reviewed the policy language differences in the bill. The House language included provisions allowing more flexible use of grant administration funds, unpaid prior-year claims, county inspector grants, and updates tied to its own policy article, while the Senate language included the climate coordinator, PFAS-related commercialization language, cooperative development grant permissive language, and other Senate policy changes. The committee did not take any votes or final actions at this meeting; the session was informational and focused on identifying differences for later negotiation.
CA
California 2025-2026 Regular Session
Assembly Budget Subcommittee No. 7 on Accountability and Oversight Feb 20th, 2025
Transcript Highlights:
- and how they would impact county government.
- I'm looking at the page four, and as was noted, these impacts would impact all of us. all of our districts
- That was a decision made in California that's having a devastating impact. impact right now on our classrooms
- Also, we know that what impacts California will impact the rest of our nation.
- the ACA and the impacts of potential changes to that.
ND
North Dakota 2026 1st Special Session
Artificial Intelligence and Data Center Committee Jul 15th, 2026 at 09:00 am
Artificial Intelligence and Data Center Committee
Transcript Highlights:
- But it really was just about how that was impacting the industry. Thank you.
- You hear a lot about the impacts of water use, electricity use, and all that.
- This is inflation-adjusted.
- Reducing inflation-adjusted retail prices. They identify those.
- I'm sure that's having some type of impact on our Mr.
CA
California 2025-2026 Regular Session
Senate Budget and Fiscal Review Subcommittee No. 2 on Resources, Environmental Protection and Energy Apr 9th, 2026
Transcript Highlights:
- on diesel production, the impact on food costs.
- That kind of gets to your question about impacts on food systems.
- jobs and then there are also the emissions impacts there.
- They're, you know, the EJ impacts as well.
- That could have big impacts.
CA
California 2025-2026 Regular Session
Senate Budget and Fiscal Review Committee Jun 24th, 2026
Transcript Highlights:
- “And the state appropriations limit is essentially the size of government from 1979 grown for inflation
- That is, yes, from 1979 grown for inflation and population. Okay.
- And it changed the definition of inflation.
- If I understand the wording of... ...changed the definition of inflation, if I understand the wording
- inflation to the change in personal income.
Summary:
The Senate Committee on Budget and Fiscal Review held an informational hearing on ACA 20, the Save for California’s Future Act, and took no votes. The chair described the measure as a way to strengthen the state’s Rainy Day Fund by increasing reserves during strong revenue years and helping pay down long-term obligations. The vice chair said he preferred a broader spending rule tied to a rolling average of revenues, rather than the proposal’s reserve-focused approach.
The Legislative Analyst’s Office explained how Proposition 2 currently requires deposits into the Budget Stabilization Account and debt payments when revenues are strong, and how ACA 20 would change those rules by increasing required reserve deposits, raising the BSA target from 10% to 20% of General Fund revenues, creating a “super excess capital gains” deposit requirement, extending debt-payment requirements through 2040, and expanding eligible debt uses to include Proposition 98 settle-up, budgetary borrowing, and federal unemployment insurance debt. The Department of Finance said the administration supports the measure and believes it improves Proposition 2. Members asked about the Gann limit, whether the measure would allow more spending or simply change how deposits are counted, the impact on infrastructure and other programs, the size of the UI debt, and how the proposal would affect future budget flexibility.
Several senators supported the goal of saving more in good years and using reserves to avoid painful cuts in downturns, while others questioned whether the proposal was sufficiently simple or whether a larger structural spending rule would be better. Public comment largely supported the measure, with one former legislative staffer arguing it follows earlier reserve reforms and helps address the state’s UI debt. The chair closed by noting the committee would not act that day and that the measure would be considered on the Senate floor the next day.