This bill amends several sections of the Idaho Code to enhance property tax relief measures, particularly focusing on the School District Facilities Fund and the Tax Relief Fund. It establishes a continuous appropriation of funds for the School District Facilities Fund, which will be used for the construction and renovation of school facilities. The bill also mandates that funds received by school districts under this section must be deducted from property tax levies, ensuring that taxpayers do not pay more than necessary. Additionally, it introduces provisions for fiscal years 2025 and 2026, ensuring that school districts receive distributions equivalent to what they would have received through bond levy equalization support.

Furthermore, the bill outlines cash transfers for property tax relief, including a specific allocation of $150 million from the general fund excess cash balance to be divided between the homeowner property tax relief account and the School District Facilities Fund. It also includes a provision for transferring $50 million from the bond levy equalization fund to the homeowner property tax relief account for fiscal year 2025. The Tax Relief Fund is also revised to ensure that a portion of its funds is allocated to the School District Facilities Fund and the state public defense fund, while maintaining a cap on the amount transferred to the general fund. An emergency clause is included, allowing the act to take effect immediately upon passage and approval.

Statutes affected:
Bill Text: 33-911, 57-810, 57-811