North Carolina legislators call for spending limits
RALEIGH, North Carolina: North Carolina is among three other states calling for spending and revenue limits. The proposed North Carolina Taxpayer Bill of Rights Amendment was filed in late February and is sponsored by Reps. John Blust, Ric Killian, Bryan Holloway and Nelson Dollar.
The legislatively-referred constitutional amendment would establish an expenditure limit based on population growth plus inflation. A 2/3rd majority vote of the North Carolina General Assembly would be required to to exceed the limit. Additionally, the proposed measure would establish a reserve trust fund.
Like proposals in Arizona, Georgia and Florida, the measure is close in nature to the Colorado’s Taxpayer Bill of Rights (TABOR). The measure, approved in 1992, limited state revenue using a formula based on population growth and inflation. In 2000 an amendment to Amendment 23 required education spending to increase and in 2005 voters approved a ballot measure that loosened many of TABOR's restrictions. However, in 2008 voters rejected Colorado Initiative 126, also known as Amendment 59, which would have extended the 2005 amendment past it's 2010 date.