To earmark $350 million from state income tax collections to road funding in the next fiscal year, and $700 million in subsequent years. The bill would also place in statute a scheme to potentially roll back future income tax rates if the amount of revenue deposited into the general fund in a given year grew faster than inflation.
Note that the legislature controls the level of these deposits, and can reduce them by redirecting revenue elsewhere, or depositing money into the state rainy day fund. So even if overall state tax collections do increase more than inflation, income tax rate reductions would essentially be at the discretion of each legislature, as under current law..