SF0153H3004

This amendment deletes two prior amendments, adds an appropriation of $72 million from the legislative stabilization reserve account, and establishes a compensation program for counties and special districts affected by the residential property tax assessment rate reduction.

• Deletes the first and second Larson third reading amendments (SF0153H3001/ACE and SF0153H3003/AE) entirely. (Lines 1-3)
• Adds language to the bill's description to reflect that an appropriation is being provided. (Page 1, line 4)
• Appropriates $72,000,000 from the legislative stabilization reserve account to the Department of Revenue for compensation payments to qualifying counties. Funds may not be transferred or expended for other purposes and unexpended funds shall not revert until June 30, 2027. The appropriation is not to be included in the Department's standard budget for the next fiscal biennium. (Page 4, after line 3)Agency: Department of Revenue · $72,000,000 Legislative Stabilization Reserve Account
• Requires county treasurers to track and report to the Department of Revenue the reduction in tax revenues caused by the change in residential property tax assessment rates under the act. The Department shall verify reductions and distribute funds to compensate each government entity for 50% of the reduction in tax revenues, distributed on a pro rata basis if funds are insufficient. (Page 4, after line 3)
• Limits eligibility for compensation disbursements to counties, cities, towns, and special districts that each impose the maximum statutory mill levy authorized by their applicable governing board. (Page 4-5, lines 7-15)
• Caps disbursements at 50% of the demonstrated reduction in residential property tax assessments as compared to tax year 2024 that is directly attributable to this act or other legislation enacted during the 2025 session that exempts or reduces residential property tax assessments. (Page 5, lines 17-22)
• Assigns the Department of Revenue responsibility to administer the compensation program and promulgate necessary rules. (Page 5, lines 24-25)

AI-generated summary · Verify against the amendment text (PDF) · Notice a problem? Let us know