House rejects amendment to create one-time transfer to new savings policy; Senate file 70 then passes

Members debated third-reading Amendment 1 to Senate File 70, an amendment that would have created a transfer into an income-tax-prevention-style savings account conditioned on state investment reserves exceeding a threshold. Representative Harshman, sponsor of the amendment, described it as an effort "to take our money and actually get it working harder for us," referencing global sovereign-wealth examples and a mechanism to transfer $100 million once an LSRA (long-term stabilization reserve account) balance threshold was reached. The amendment also included language that future transfers would be subject to legislative appropriation.

Critics said the proposal represented a significant policy shift that merited public consideration (a joint resolution or referral to voters) or more thorough committee work in the interim. Representative Bair urged sending the question to voters as a joint resolution. Representative Feiler and others supported the amendment, saying it addressed earlier concerns and would not obligate spending without appropriation.

The House first voted on adoption of the amendment (roll call). The amendment failed on the roll call: 24 ayes, 36 noes, 2 excused. After the amendment failed the House proceeded to final passage of the bill. On the two-thirds vote required for passage of the bill as read, the clerk recorded 58 ayes, 2 no, and 0 excused (the clerk announced the bill had passed the House by the two-thirds threshold). Representative Harshman urged colleagues to consider the long-term impact and said the measure was the chamber's chance to "change the state forever." Opponents cautioned against moving substantial fiscal-policy changes on third reading without broader deliberation.

Ending: The amendment failed; Senate File 70 passed the House on the required two-thirds vote and moves forward under enrolled-act procedure.