The Senate Finance Committee on Tuesday advanced a bill that seeks to restrict how the next legislature spends more than $200 million in recurring revenue.

House Bill 147 by Rep. Rick Edmonds, R-Baton Rouge, would restrict general fund spending to 98 percent of the official forecast. Of the various aspects of the state’s $30-billion-plus budget, lawmakers have the most discretion over general fund spending.

The leftover 2 percent would be declared surplus. Surplus funds according to the state constitution can only be spent on certain expenses, such as infrastructure, coastal restoration, paying down retirement debt and shoring up the “rainy day” fund.

The bill would not go into effect during the upcoming budget year. Over the next four fiscal years, it could redirect an estimated $834 million from the general fund into surplus spending.

Matthew Block, Gov. John Bel Edwards’ executive counsel, argued against the bill in part by pointing out that lawmakers always have the ability to spend less than is available, so the new law isn’t needed. Like several tax and spending measures proposed by House members, Block said, the bill allows lawmakers to limit future revenue while leaving the tough spending decisions for the next legislature.

Edmonds said the proposal would put the state on a path to spend less and save more. Without a law, that would likely never happen, he argued.

Also on Tuesday, a proposed constitutional amendment that would let local governments make deals with manufacturers exchanging up-front payments for future tax revenue passed the state House of Representatives on its second try.

The House voted 70-28 in favor of House Bill 76, giving it the minimum number of votes needed to send a constitutional amendment proposal to the Senate. The bill would need approval from two-thirds of the Senate and a majority of voters to be added to the constitution.

Rep. Mark Abraham, a Lake Charles Republican and the sponsor of House Bill 76, said the measure was not being brought at the request of any particular company. A similar deal was attempted by local governments in Cameron Parish with Cameron LNG but deemed unconstitutional.

Abraham’s bill would apply to manufacturers that qualify for the state’s Industrial Tax Exemption Program. Basically, it would allow local government entities to form cooperative endeavor agreements to accept up-front payments from companies.

In exchange, the company would continue to pay a reduced tax rate after the ITEP runs out, Abraham said. The payments and tax rates would be determined through negotiation.

Opponents, such as the left-leaning Together Louisiana activist group, have derided the bill as a product of the “corporate subsidy lobby.” But Rep. Sam Jones, a Franklin Democrat who voted against the bill the first time, changed his mind and supported it on Tuesday. He said the option could provide local governments a way to pay for needed infrastructure.