Senate amendment makes the following changes to the 2nd edition.

Deletes all content of the previous edition and replaces it with the following. 

Subject to approval by a majority of votes cast at the time of the 2016 presidential primary election, the act amends the North Carolina constitution by enacting a new Article V-A, amending Section 2 of Article V, and amending Section 22 of Article II, as follows.

Adds new Article V-A, Taxpayer Protections. Section 1 of the Article limits the maximum annual percentage increase in State fiscal year spending to the average inflation growth for the prior three calendar years plus the average growth in State population for the prior three fiscal years. Defines fiscal year spending, inflation growth, and population. Gives the General Assembly the power to increase the spending limit by an act passed by two-thirds of all the members of each house. Applies to fiscal years beginning on or after July 1, 2017.

Section 2 of the new Article establishes the Emergency Savings Reserve Fund (Fund) and requires the General Assembly to reserve 2% of the amount appropriated from the General Fund (excluding General Fund receipts) to the Fund for capital and operating expenses for the prior fiscal year until the Fund contains 12.5% of the amount appropriated from the General Fund (excluding General Fund receipts) for capital and operating expenses for the prior fiscal year. Allows the General Assembly to decline to reserve funds to or provide for the expenditure of funds from the Fund; acts that do either of these things must be approved by two-thirds of all the members of each house. Prohibits money from being drawn from the Fund except under appropriations from the Fund passed by two-thirds vote of all the members of each house. Specifies that the Governor does not have the power to (1) expend money in the Fund without an appropriation by the General Assembly or (2) divert money appropriated from the Fund for other purposes. Applies to fiscal years beginning on or after July 1, 2016.

Section 3 of the new Article limits the income tax rate to 5%. Applies to taxable years beginning on or after January 1, 2020.

Amends Section 2 of Article V to provide that tax on income is subject to the provisions of Section 1 of new Article V-A. Applies to taxable years beginning on or after January 1, 2020.

Adds new subdivisions to Section 22 of Article II requiring bills that increase the fiscal year spending limit and do not contain any other matter, and bills declining to reserve funds to the Funds, providing for the expenditure of funds from the Fund, or both, to be read three times in each house and be signed by the presiding officers of both houses. These provisions apply upon certification by the Secretary of State.

Sets out the requirements for presenting the amendments to voters. Requires that if a majority of votes cast on the question are in favor of the amendments in the act that the amendments be certified to the Secretary of State.

Changes the act's short and long titles.