Senate Bill No. [number], introduced by G. Hertz at the request of the Revenue Interim Committee, amends existing laws regarding the calculation of local government levies and the treatment of newly taxable property. The bill specifies that the release of incremental taxable value from districts that utilize tax increment financing is not considered newly taxable property when calculating local government levies. Additionally, it clarifies that the taxable value of newly taxable property includes the release of taxable value from these districts due to boundary changes, increases in base taxable value, or the termination of such districts. The bill also removes previous references to "districts" in certain contexts, replacing them with more precise language. Furthermore, the bill outlines the procedures for calculating levies and the adjustments to multipliers used for state equalization aid, which will be based on the forecasted revenue from the school equalization and property tax reduction account. The adjustments to these multipliers will impact funding distributions to school districts and are designed to respond to significant changes in revenue forecasts. The provisions of this act will apply to property tax years beginning after December 31, 2025.

Statutes affected:
LC Text: 15-10-420, 20-9-336
SB0002_1(1): 15-10-420, 20-9-336
SB0002_1(2): 15-10-420, 20-9-336
SB0002_1(3): 15-10-420, 20-9-336
SB0002_1: 15-10-420, 20-9-336