Sec. 1. 36 MRSA §1811, ¶¶ 3, 4 and 5, as enacted by PL 1993, c. 410, Pt. KKKK, §1, is amended to read:

On or before May 15th of each year, the State Budget Officer shall present a final estimate of General Fund revenues for the current fiscal year, taking into consideration an estimate of the Revenue Forecasting Committee. If estimated General Fund revenues for the current fiscal year exceed those of the prior fiscal year by 8% or more, on a base-to-base comparison excluding one-time revenue gains and losses, revenue in an amount equivalent to that generated by 0.5% of the tax on the sale of personal property and taxable services taxed at a rate of 6% on the effective date of this paragraph must be transferred by the State Controller to the Maine Rainy Day Fund as described in this section if the program for general purpose aid for local schools, referred to in this section as "GPA," provides in excess of 51% of the State's kindergarten, elementary and secondary school actual operating and program costs and debt service. If the GPA provides 51% or less of the State's kindergarten, elementary and secondary school actual operating and program costs and debt service, revenue in an amount equivalent to that generated by 0.5% of the tax on the sale of personal property and taxable services taxed at a rate of 6% on the effective date of this paragraph must be transferred by the State Controller to the GPA with the exception of funds previously dedicated to municipal revenue sharing.

Each month following a fiscal year during which General Fund revenues exceed those of the previous fiscal year by 8% or more, on a base-to-base comparison excluding one-time revenue gains and losses, the State Controller shall transfer an amount equivalent to that generated over the preceding month by 0.5% of the tax on the sale of personal property and taxable services taxed at a rate of 6% on the effective date of this paragraph to the Maine Rainy Day Fund until such time as the tax imposed by this chapter is reduced if the GPA provides in excess of 51% of the State's kindergarten, elementary and secondary school actual operating and program costs and debt service. If the GPA provides 51% or less of the State's kindergarten, elementary and secondary school actual operating and program costs and debt service, revenue in an amount equivalent to that generated by 0.5% of the tax on the sale of personal property and taxable services taxed at a rate of 6% on the effective date of this paragraph must be transferred by the State Controller to the GPA with the exception of funds previously dedicated to municipal revenue sharing until such time as the tax imposed by this chapter is reduced.__All payments made to the GPA under this chapter must be included in the GPA base appropriation for future budget years.

If General Fund revenues for any fiscal year, as determined