Vote Smart's Synopsis:

Vote to pass a joint resolution proposing an amendment to the Constitution that ties the amount of revenue the state of Wisconsin can collect to the amount collected the previous year, increased by the rate of inflation as given by the consumer price index for Milwaukee-Racine. The increase cannot be greater than the increase in state personal income, plus the percentage increase in population in the state. The bill stipulates that a school district cannot collect more than the previous year plus the percentage increase in enrollment of students and that a municipality cannot collect more than the previous year plus 60 percent of the percentage increase in property values from new construction. The bill stipulates that if the state receives money in excess of this limit, the money will be deposited into the emergency reserve fund that may not exceed eight percent of Wisconsin’s total revenue in the previous year and that the emergency fund can only be used for state tax relief. The bill specifies that the legislature or local governing body may lower the limit and a referendum is required to exceed the limit.

Full Bill Text