The bill amends Section 35-16-2 of the General Laws in Chapter 35-16, titled "Revenue Estimating Conferences," to change the timing of the meetings held by the principals of the Revenue Estimating Conference (R.E.C.). Specifically, it removes the requirement for meetings to occur in the "first ten (10) days of May" and instead mandates that they take place within the "last ten (10) days of April and the first ten (10) days of November" each year. The primary purpose of these conferences is to prepare economic forecasts, estimate revenue, and review current revenue collections under existing tax law. The bill clarifies that no votes will be taken during these conferences, emphasizing that they are consensus-based, requiring agreement from all principals on the recommendations made. This act will take effect upon its passage.

Statutes affected:
7247: 35-16-2