The limit provides for the refund of excess revenues to taxpayers.

Revenue limited to the average growth rate in state personal income for previous five years. Revenue limits tie allowable yearly increases in revenue to personal income or some other type of index such as inflation or population. Expenditures are limited to the growth in state personal income. Most revenues limited to population growth plus inflation. Spending is limited to a growth index based on state personal income. Spending limit on qualified appropriations some exclusions limited to personal income growth rate. Biennial appropriations limited to the growth in state personal income.

The limit provides for the refund of excess revenues to taxpayers. Spending limited to average of growth in personal income for previous five years or previous year's increase in inflation, whichever is greater. Proposed expenditures are limited to the biennial percentage growth in state population and inflation.