Bill Would Let State Save Less Saving Is Good, Says Stoicheff, Only If It Doesn’T Hurt People

An attempt to drastically reduce a multimillion-dollar state savings plan has been curbed but not killed.

“It’s not bad to save money,” said Rep. Jim Stoicheff, D-Sandpoint, sponsor of the bill. “We can put too much away, and that won’t benefit the people.”

Under the current law, the state would be forced to transfer $16 million, 1 percent of the state budget, into the savings fund if Idaho’s economy picked up a few percentage points. Stoicheff’s bill would change that to 1 percent of any state budget surplus.

Rep. Jim Clark, R-Hayden, tried to kill Stoicheff’s bill Thursday on procedural grounds, saying it had a technical flaw. But other House Revenue and Taxation Committee members opted to send the bill to a subcommittee, where it can be considered along with other proposals.

Clark is the author of the law Stoicheff wants to change.

Gov. Dirk Kempthorne suggested to lawmakers that they “rethink” the law, and Stoicheff’s bill was the first effort.

Rep. Celia Gould, R-Buhl, said, “This is an issue we’re going to be studying intensely this session.” This morning, two other proposals to change the savings plan will considered by the Legislature’s budget committee.

Clark may propose his own bill. He said he’s “looking at adjusting the current language of the current law.”