Amends constitution. Before each biennium, the governor must prepare an estimate of revenues expected to be received by the General Fund for the next biennium. The General Fund is the primary funding source for schools, prisons, social services other state-funded programs/services. Current law requires an automatic "kicker" refund to taxpayers of corporate income and excise tax revenue that exceeds estimated collections by two percent or more. Measure allocates the corporate income and excise tax "kicker" refund to the General Fund to provide additional funding for K through 12 public education. Measure does not change the constitutional personal income tax "kicker" provision that requires a refund to individual taxpayers when personal income tax revenue exceeds estimated revenue by two percent or more. Other provisions.

Estimate of financial impact: The financial impact of this measure is indeterminate because it is affected by unknown future events. If corporation tax receipts exceed the state forecast by two percent or more for a two-year budget period beginning July 2013 or later, this measure will increase the amount retained in the state General Fund relative to current law. In addition, state expenditures will increase by the same amount. If this measure had been in place for the past ten budget periods, the increases would have ranged from $101 million to $203 million in each of three of those periods.

Result of "yes" vote: "Yes" vote allocates the corporate income and excise tax "kicker" refund to the General Fund to provide additional funding for K through 12 public education.

Result of "no" vote: "No" vote retains existing corporate income and excise tax "kicker" that requires refund to corporations when revenue exceeds estimated collections by two percent or more.