This amendment replaces the homeowner property tax exemption funding mechanism from direct legislative appropriations to a new 0.45% sales and use tax dedicated to a property tax reduction and replacement account.
- Adds a sales and use tax funding provision to the bill's purpose statement. (Page 1, lines 9-12)
- Expands the bill's scope to amend additional statutory sections related to sales tax rate determination (39-15-104 subsection j and 39-15-111 subsection r) and use tax rate determination (39-16-104 subsection g and 39-16-111 subsection b). (Page 1, lines 14-18)
- Creates a new sales tax of 0.45% beginning July 1, 2025, with exemptions for industrial facilities during permitting and construction periods. The rate may be reduced in 0.25% intervals if the governor certifies sufficient funding exists, and shall be reduced to zero if the homeowner exemption becomes unavailable. (Page 1-2, lines 22-42)
- Establishes a property tax reduction and replacement account to receive sales tax revenue attributable to the new tax. Creates a distribution mechanism requiring counties to certify exemptions by September 1, with funds distributed by June 30 based on verified tax revenue losses in the preceding year, with proportional reductions if insufficient funds exist. (Page 2-3, lines 21-46)
- Creates a corresponding use tax of 0.45% beginning July 1, 2025, with identical exemptions, reduction mechanisms, and distribution provisions as the sales tax. (Page 3-4, lines 10-42)
- Modifies use tax distribution provisions to direct revenue attributable to the new use tax to the property tax reduction and replacement account. (Page 4, lines 1-2)
- Deletes all previously adopted amendments to the bill (Locke second, third, and Harshman amendments). (Page 1, lines 1-7)
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