CHAPTER 685

HOUSE JOINT RESOLUTION NO. 44

UPDATING THE OFFICIAL REVENUE ESTIMATE FOR FISCAL YEAR 1975.

WHEREAS, the House of Representatives and the Senate of the 127th General Assembly of the State of Delaware, by the passage of House Joint Resolution No. 41, established a firm revenue estimate for fiscal year 1975; and

WHEREAS, this revenue estimate was made after receipt and independent evaluation of advice and counsel and was officially established to be $377 million; and

WHEREAS, subsequent to this official revenue estimate an additional franchise tax has been proposed by House Bill No. 1110 to be placed on the net earnings of banks, national banks, trust companies and building and loan associations; and

WHEREAS, it is estimated that an additional $1 million of revenue shall result during fiscal year 1975 if the Bank Franchise Tax is enacted;

NOW, THEREFORE:

BE IT RESOLVED by the House of Representatives and the Senate of the State of Delaware, with the approval of the Governor as attested by his signature affixed hereto, that the estimated revenue for fiscal year 1975 is hereby increased to $378 million contingent upon passage of House Bill No. 1110.

BE IT FURTHER RESOLVED that General Fund appropriations for fiscal year 1975 shall not exceed $378 million, exclusive of federal revenue sharing receipts.

Approved July 17, 1974.