Section 240.5B - Revenue Estimates (Adm. Code Section 605-B)(a) Repealed by 2018, June 22, P.L. 281, No. 42, § 25(2), imd. effective.(a.1) Initial revenue estimate.--By May 20 of each year, the office shall submit to the General Assembly an initial revenue estimate for the next fiscal year.(b) Repealed by 2018, June 22, P.L. 281, No. 42, § 25(2), imd. effective.(b.1) Official revenue estimate.--The following apply:(1) By June 20 of each year, the office shall submit an official revenue estimate for the next fiscal year.(2) A revenue estimate submitted under this section shall be considered by the Governor and the General Assembly as the amount of revenue which may be considered for the general appropriation act for the ensuing fiscal year unless the Governor or the General Assembly determines that revenues are greater than or less than the estimate provided under this section. The office may amend the revenue estimate under this section if changes in law affecting revenues and receipts are enacted or proposed to be enacted with the annual State budget or unless significant changes in economic assumptions occur prior to June 30. The office shall submit the amended revenue estimate to the General Assembly within 10 days of the change.(3) The office shall publish the methodology used to develop revenue estimates.(c) Information.--The office shall provide the chair and minority chair of the Appropriations Committee of the Senate, the chair and minority chair of the Appropriations Committee of the House of Representatives and the Secretary of the Budget all data, assumptions or econometric models used to develop projections and revenue estimates.(d) Repealed by 2018, June 22, P.L. 281, No. 42, § 25(2), imd. effective.(d.1) Required information.--(1) A revenue estimate submitted by the office under subsection (b) shall include:(i) Projected revenue collections by specific tax or revenue source, including Federal funds, the General Fund, the State Lottery Fund and the Motor License Fund.(ii) All data, assumptions and econometric models used to develop a revenue estimate.(iii) Any projected revenue surplus or deficit for the current fiscal year.(2) A revenue estimate shall be based on existing law and tax policy and existing or emerging State or national economic trends.(e) Proposed change in law.--(1) The office shall prepare a revenue estimate of any change in law affecting revenues and receipts, including increases in regulatory fees, proposed or considered as part of the annual State budget. If the proposed change in law will have a fiscal impact in excess of $10,000,000 in any fiscal year, the estimate shall be prepared on the basis of assumptions that estimate the probable behavioral responses of taxpayers, businesses and other persons to the proposed changes and shall include a statement identifying those assumptions. The information may be used to revise the revenue estimate under subsection (a.1).(2) The office shall prepare, if requested by a requesting officer, a revenue estimate of any change in law affecting revenues and receipts, including increases in regulatory fees, that may be expected to carry a fiscal impact in excess of $50,000,000 in any fiscal year, proposed or considered as part of a bill or amendment in either house of the General Assembly. If the proposed change in law will have a fiscal impact in excess of $50,000,000 in any fiscal year, the estimate shall be prepared on the basis of assumptions that consider the probable behavioral responses of taxpayers, businesses and other persons and any potential dynamic or macroeconomic impacts in response to the proposed changes and shall include a statement identifying those assumptions. The information may be used to revise the revenue estimate under subsection (a.1).(f) Department of Revenue.--The Department of Revenue in conjunction with the Secretary of the Budget shall make revenue estimates for the use of the Governor in preparing the budget.(g) Governor.--The Governor shall certify that any appropriation bill does not cause total appropriations to exceed revenues plus any unappropriated surplus as provided in section 618.Amended by P.L.3772021 No. 70, § 6,eff.10/7/2021.