This bill amends two sections of the Idaho Code to enhance property tax relief through the establishment and funding of the School District Facilities Fund and the Tax Relief Fund. In Section 33-911, the bill creates a School District Facilities Fund, which will continuously appropriate funds for the construction and renovation of school facilities. It specifies that moneys in this fund will be distributed to school districts based on average daily attendance and can be used to pay existing school bonds, supplemental levies, and for construction or maintenance needs. Additionally, it allows for exemptions in certain emergencies and mandates that the amount received from this fund be deducted from property tax levies.

In Section 57-811, the bill modifies the Tax Relief Fund by establishing a new transfer mechanism for funds. It requires the state controller to transfer 20% of annual distributions, along with an additional $50 million, to the School District Facilities Fund at the end of each fiscal year. It also stipulates that $39 million will be transferred to the state public defense fund and $50 million to the homeowner property tax relief account. The remaining balance of the Tax Relief Fund, or up to $236 million, will be transferred to the general fund after these allocations. The bill declares an emergency, allowing it to take effect immediately upon passage and approval.

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