A Senate resolution cosponsored by Sen. Ronnie Chance of Tyrone would amend the Georgia Constitution to limit state spending based on the previous year’s budget after it is adjusted for inflation and increased population.

The endgame of the “Taxpayer Protection Act of 2011,” however, is a potential elimination of the state income tax, which would be accomplished in future years as excess revenues are directed to savings in the state’s Rainy Day fund.

Once the Rainy Day fund reaches 15 percent of the previous year’s spending, the revenue would be used to “slowly phase-out the state income tax” according to a Senate press release.

“This measure will guarantee that Georgia never oversteps its bounds when spending the taxpayers’ money,” Chance said. “The Taxpayer Protection Act is the responsible thing to do. This legislation will protect the taxpayers and force legislators to keep spending in check.”

The resolution received a unanimous bipartisan vote last week from the Senate Finance Committee.

Resolution sponsor Chip Rogers, the majority leader of the Senate, said the act “will protect future generations of Georgians from government growing too large.”

Because it proposes a constitutional amendment, the bill must get a two-thirds majority approval from both the House and the Senate. If it reaches that point, it will be submitted during the 2012 general election. If approved by voters, the amendment becomes part of the state constitution on the following Jan. 1, according to the Georgia Secretary of State’s office.