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Senate Revenue & Tax panel approves transfer of $710.6 million to restricted reserve
Summary
The Senate Revenue & Tax committee approved the Senate version of House Bill 1004 to move $710,612,508 from the general allotment reserve into a restricted reserve account intended for use only during severe economic downturns; the measure passed by voice vote and the panel scheduled another meeting to consider related legislation.
The Senate Revenue & Tax committee on Thursday approved the Senate version of House Bill 1004 to transfer $710,612,508 from the general allotment reserve into a restricted reserve account intended to serve as a buffer during severe economic downturns.
"What we're doing is just transferring $710,612,508 from the general reserve, or general allotment reserve account into a restricted reserve account," Chairman Jimmy Hickey…
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