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September 1, 2003 Update: This bill did not pass in the 2003 Regular Session.

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This proposal was sponsored by Sen. Ken Jacob, Columbia. Senator Mary Bland, Kansas City, filed a similar joint resolution

SJR 14 was heard by the Senate Ways and Means Committee on February 18. MTJ presented testimony in favor of this proposal. On April 1, the Ways and Means committee voted "Do Not Pass" on this bill.

The Revenue Stabilization Fund would be used to receive "excess funds" under the Hancock limit, instead of the "excess" being distributed pro rata to income tax payers. In years of a fiscal shortfall, the general assembly could make use of the revenue in the fund.

The "Hancock Amendment" provides for so-called "excess revenues" to be distributed ONLY to income tax payers, but citizens who pay a lot in sales taxes, gas taxes and other taxes and fees receive nothing. MTJ believes the Hancock Amendment not only cripples the state's ability to meet public needs, but is unfair and unconstitutional based on its refund provision.

Amending Hancock to allow the creation of a Revenue Stabilization Fund would be a much needed improvement. The voters should be allowed to vote on this proposal. (As an amendment to the state constitution, this must be put before the voters for a final decision.)

If this measure were in place, Missouri would not be in its present fiscal crisis.

ACTION NEEDED: Discussion with both senators and representatives about how this amendment would help the state, and make the "Hancock Amendment" more fair to all taxpayers.

To see SJR 14, go to: http://www.house.state.mo.us/bills03/bills/sj014.htm

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