SF0069H3011

This amendment deletes multiple prior amendments, modifies the homeowner tax exemption compensation mechanism to limit distributions and phase them over time, and adjusts section numbering accordingly.

• Deletes twelve prior amendments to SF0069 that had been adopted during second and third readings. (Page 1, lines 1-12)
• Updates the bill title to include references to reporting requirements and appropriation provisions. (Page 1, lines 15-16)
• Modifies the compensation mechanism for government entities by adding restrictions: the department shall distribute no more than 50% of available funds in tax year 2025, with the remainder distributed in tax year 2026. Limits total appropriations from the legislative stabilization reserve account to $100,000,000 and prohibits such appropriations after June 30, 2027. Removes the requirement for 'full' compensation and instead requires pro rata distribution if funds are insufficient. (Page 2, lines 18-11; Page 3, lines 1-2)
• Updates paragraph designations from (C) to (D) and (D) to (E) to account for the new reporting requirement subsection. (Page 2, line 22 and Page 3, line 2)
• Adds a new Section 3 establishing a one-time appropriation of $125,000,000 from the general fund to the department of revenue for reimbursing government entities for revenue losses from the homeowner tax exemption, effective through June 30, 2027, with the intent that this appropriation not be included in the department's standard budget for the succeeding fiscal biennium. (Page 3, lines 17-31)Agency: Department of Revenue · $125,000,000 General Fund
• Renumbers the effective date section from Section 3 to Section 4 to accommodate the new appropriation section. (Page 3, line 33)

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