This amendment modifies the homeowner property tax exemption bill by adjusting compensation language, adding a separate appropriation section, and reducing the total appropriation amount.
- Removes the prior Geringer committee amendment entirely and replaces it with new provisions. (Page 1, lines 1-2)
- Changes the compensation language in the tax exemption statute from requiring full compensation to compensating on a pro rata basis if appropriated funds are insufficient, and adds explicit cap on legislative stabilization reserve account usage at $100,000,000 with a sunset date of June 30, 2027. (Page 2, lines 6-38 (inserted after line 20))
- Renumbers paragraph (C) to (D) in the exemption provisions. (Page 2, line 40)
- Renumbers paragraph (D) to (E) in the exemption provisions. (Page 3, line 2)
- Adds a new separate appropriation section providing $100,000,000 from the general fund to the department of revenue for reimbursing government entities for homeowner tax exemption revenue losses, effective from the act's effective date through June 30, 2027, with provisions that funds cannot be transferred or used for other purposes and must revert if unobligated. (Page 3, lines 2-14 (inserted after line 8))Agency: Department of Revenue · $100,000,000 General Fund
- Renumbers the final effective date section from Section 3 to Section 4. (Page 3, line 16)
- Reduces the total appropriation for homeowner property tax exemption revenue reimbursement from $125,000,000 to $100,000,000. (Overall amendment effect)
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