Last week, the Finance and Tax Budget Subcommittee approved a proposed committee bill that amends the state constitution to limit the revenues collected by the state. Beginning with the 2011 – 2012 fiscal year, Senate Joint Resolution 958 would limit revenue collection to the amount collected in the previous year, adjusted for population growth and the rate of inflation. Any funds that are collected in excess of this limit would be placed in the state's “rainy day” fund until the fund reaches 10 percent of total state budget in the prior year. At that point, the Legislature must vote to provide tax relief.