This amendment creates a new income tax prevention account with permanent fund status, annual transfers from the legislative stabilization reserve account, and a mechanism to deposit investment earnings into the general fund after fourteen years, while making conforming changes to the bill's section numbering and statutory definitions.
- Adds language to the bill's purpose statement to include creation and administration of the income tax prevention account. (Page 1, lines 1-3)
- Adds requirement for reports related to the income tax prevention account to the bill's description. (Page 1, lines 5-6)
- Creates new W.S. 9-4-227 establishing the income tax prevention account as a permanent trust fund with provisions for annual $100 million transfers from the legislative stabilization reserve account beginning July 1, 2025, investment authority using an 85% private equity and 15% private credit reference portfolio, and annual reporting requirements to legislative committees. (Page 1, lines 8-45)
- Establishes a mechanism to deposit investment earnings from annual transfers into the general fund after fourteen fiscal years have elapsed, with detailed definitions of what constitutes investment earnings and when distributions occur. (Page 1, lines 21-36)
- Renumbers subsequent sections of the bill to account for the new section creating the income tax prevention account. (Page 2, line 1 and Page 17, lines 18, 21; Page 18, line 8)
- Adds W.S. 9-4-203(a)(xiii) and 9-4-716(e) to the sections being amended to update statutory definitions and investment policy rules. (Page 2, lines 2-3)
- Updates the definition of 'this act' in W.S. 9-4-203 to include the new W.S. 9-4-227 within the statutory framework. (Page 8, lines 7-12)
- Adds exception to W.S. 9-4-716(e) for the income tax prevention account, allowing it to maintain an 85% private equity and 15% private credit reference portfolio that differs from the standard 70% global equities and 30% domestic fixed income requirement for other funds. (Page 8, lines 14-30)
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