SF0153H3003

This amendment removes a prior amendment, adds rulemaking and appropriation language to the bill summary, and creates a new grant program appropriating $36 million from the legislative stabilization reserve to compensate qualifying counties, cities, towns, and special districts for residential property tax revenue losses.

• Deletes the first Larson third reading amendment (SF0153H3001/ACE) in its entirety. (Page 1, lines 1-2)
• Updates the bill's applicability statement to include language requiring rulemaking and indicating an appropriation is provided. (Page 1, line 4)
• Appropriates $36,000,000 from the legislative stabilization reserve account to the Department of Revenue for county grant payments. Funds may not be transferred or used for other purposes, and unexpended funds will not revert until June 30, 2027. (Page 4, after line 3 (Section 3, subsection (a)))Agency: Department of Revenue · $36,000,000 Legislative Stabilization Reserve Account
• Establishes a grant application program distributing appropriated funds, with up to one-half available for tax year 2025 revenue restoration and remaining funds for tax year 2026 revenue restoration. (Page 4, after line 3 (Section 3, subsection (b)))
• Limits grant eligibility to counties, cities, towns, and special districts (excluding school districts) that are located in the eight counties with the lowest total assessed valuations and that each impose the maximum statutory mill levy authorized. (Page 4-1, after line 3 (Section 3, subsection (c)))
• Requires counties to prepare grant applications on behalf of all qualifying entities within the county and to distribute awarded funds proportionally based on demonstrated residential property tax assessment reductions. (Page 1, after line 3 (Section 3, subsection (d)))
• Caps grant awards at seventy-five percent of demonstrated residential property tax assessment reductions and requires pro rata distribution if appropriated funds are insufficient. (Page 1-2, after line 3 (Section 3, subsection (e)))
• Directs the Department of Revenue to administer the grant program and promulgate necessary rules. (Page 2, after line 3 (Section 3, subsection (f)))

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