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. Notably, it establishes that moneys in the School District Facilities Fund are continuously appropriated for the purposes outlined in the section, ensuring that funds are readily available for the construction and renovation of school facilities. Additionally, the bill mandates that for fiscal years 2025 and 2026, school districts that would have received support from the bond levy equalization program will receive a distribution of funds equivalent to what they would have received through that program.

Furthermore, the bill introduces a cash transfer mechanism for property tax relief, specifying that after the close of each fiscal year from 2023 to 2025, the state controller will determine any excess cash balance in the general fund and allocate $150 million or the excess balance, whichever is less, to various property tax relief accounts. This 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 amendments also clarify the distribution of funds from the Tax Relief Fund, ensuring that a portion is allocated to the School District Facilities Fund and the state public defense fund, while also establishing 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