Rep. BANNISTER proposes the following amendment (LC-4216.DG0019H):

Amend the bill, as and if amended, SECTION 1, by striking Section 12-6-510(C)(3) and inserting:

  (3) If the five percent threshold set forth in item (2) is met, the income tax rate shall be permanently and cumulatively reduced by a percentage that the Board of Economic Advisors projects to result in a reduction in individual income tax revenues collected pursuant to this chapter equal to two hundred million dollars in the fiscal year that begins during the tax year or twenty-five percent of the recurring income tax revenue surplus for the fiscal year that begins during the tax year, whichever is greater. The surplus amount must be calculated in the same manner as increases in income tax collections are calculated pursuant to item (2)(a). However, if the five percent threshold set forth in item (2) is met and is not projected to result in increased collections of at least two hundred million dollars in the fiscal year that begins during the tax year, then the reduction is limited to the projected amount of increased collections. Any reduction made pursuant to this subsection must be rounded up to the nearest hundredth of a percent.

Renumber sections to conform.

Amend title to conform.