The proposed bill, if enacted, would introduce new provisions allowing cities with populations under 10,000, located in counties with populations under 150,000, to hold special elections for the purpose of levying a transaction privilege tax (TPT). This would be contingent upon the city's charter requiring such an election and the city currently levying a TPT that was approved by voters in 2020, which is set to expire on or before July 15, 2026. The special election must occur on either March 10, 2026, or May 19, 2026, and the ballot must specify the TPT rate, which must match the rate previously authorized by voters.

Additionally, the bill includes a provision that would repeal these new regulations on December 31, 2027. The current statutes remain unchanged, but the bill adds these specific conditions and requirements for special elections regarding TPTs, thereby updating the legal framework governing such elections in smaller cities.