This amendment replaces the funding mechanism for the homeowner tax exemption by creating a 0.75% sales and use tax rather than relying on general fund appropriations.
- Modifies the bill's stated purpose to add sales and use tax funding for local governments in place of the exemption, removing references to sunset dates and appropriations. (Page 1, lines 2-12)
- Expands the sections of law to be amended to include sales tax (39-15-104 and 39-15-111) and use tax (39-16-104 and 39-16-111) provisions. (Page 1, lines 9-19)
- Removes the original pages 2-6 that contained the sunset provision and appropriation language. (Page 2-6, lines 21-15)
- Creates new sales tax provision imposing an additional 0.75% sales tax beginning July 1, 2025, with rate reduction authority for the governor and automatic elimination if the homeowner exemption becomes unavailable. Exempts industrial facilities subject to siting council permitting. (Page 5, after line 4)
- Creates a property tax reduction and replacement account to receive revenue from the new sales and use taxes and distribute amounts to counties based on verified revenue losses from the homeowner exemption. (Page 5, after line 4)
- Creates complementary use tax provision mirroring the sales tax with the same 0.75% rate, rate reduction authority, and industrial facility exemption, with revenue distributed through the same property tax reduction and replacement account. (Page 5, after line 4)
- Modifies sales and use tax distribution provisions to account for the new dedicated account while maintaining other revenue distribution processes. (Page 5-6, lines 22-12)
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