This amendment adds a $72 million appropriation from the legislative stabilization reserve to compensate counties, cities, towns, and special districts for revenue losses from residential property tax assessment reductions, and requires the Department of Revenue to establish a grant program to distribute these funds.
- Adds 'requiring rulemaking; providing an appropriation;' to the bill's statement of purpose to reflect the new grant program and appropriation. (Page 1, lines 1-2)
- Appropriates $72,000,000 from the legislative stabilization reserve account to the Department of Revenue for payments to qualifying counties, with funds not reverting until June 30, 2027, and exclusion from the department's standard budget for the succeeding fiscal biennium. (Page 4, after line 3; Section 3(a))Agency: Department of Revenue · $72,000,000 Legislative Stabilization Reserve Account
- Establishes a grant application and program requiring the Department of Revenue to distribute appropriated funds, with no more than half available for 2025 tax year assessment reductions and remaining funds for 2026 tax year reductions. (Page 4, after line 3; Section 3(b))
- Limits grant eligibility to counties, cities, towns, and special districts in the eight counties with the lowest assessed valuations that impose maximum statutory mill levies, and excludes school districts from qualification. (Page 4-1, after line 3; Section 3(c))
- Requires counties to submit grant applications on behalf of themselves and qualifying municipalities and districts within their boundaries, and to distribute any awarded funds proportionally based on demonstrated residential property tax assessment reductions. (Page 1, lines 11-19; Section 3(d))
- Caps grants at seventy-five percent of demonstrated residential property tax assessment reductions from the 2025 legislative session, with pro rata allocation if appropriated funds are insufficient. (Page 1-2, lines 21-31; Section 3(e))
- Directs the Department of Revenue to administer the grant program and promulgate necessary rules for implementation. (Page 2, lines 33-35; Section 3(f))
- Renumbers the original Section 3 to Section 4 to accommodate the new appropriation section. (Page 4, line 5)
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