Supermajority Amendment Could Lead to Higher Borrowing Costs

February 20, 2014

A proposed constitutional amendment that would restrict state revenue could make it more expensive to maintain roads and bridges and finance other building projects by raising the state’s borrowing costs. 

The amendment, approved by the State Assembly, would require a two-thirds “supermajority” vote in both houses of the legislature to increase tax rates for the state individual income, corporate income, or sales tax. Constitutional amendments must be approved by two consecutive legislatures and by citizens at the ballot box before going into effect. 

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