This bill establishes a Surplus Gross Income Tax Revenue Account within the Property Tax Relief Fund, designed to act as a reserve for property tax relief programs and state aid initiatives that help offset local property taxes. The State Treasurer is mandated to credit this account annually, starting on or before December 31, 2020, with an amount equal to one-half of the excess gross income tax revenue collected in the previous fiscal year, provided that the actual revenues exceed the Governor's certified estimates by more than six percent. The account's funds can be invested similarly to other assets in the Property Tax Relief Fund, and any earnings will also contribute to the account.

Legislative appropriations from the Surplus Gross Income Tax Revenue Account are restricted and can only occur under specific conditions: if anticipated gross income tax revenues are projected to be lower than the Governor's certification, to mitigate declines in gross income tax revenues instead of raising tax rates, or to address emergencies as defined by the Governor. Furthermore, if any appropriation is made from this account, the Legislature is prohibited from increasing existing gross income tax rates or making modifications that would raise gross income tax revenues, unless there is a significant decline in revenues (greater than two percent), which would allow for such adjustments.