This bill amends several sections of the Revised Statutes Cumulative Supplement, 2024, to modify the provisions related to the transfer of General Fund net receipts and the School District Property Tax Relief Act. Key changes include the Tax Commissioner’s responsibilities in reporting actual General Fund net receipts and the conditions under which funds are transferred to the Cash Reserve Fund and the School District Property Tax Relief Credit Fund. Specifically, the bill introduces new calculations for determining the amounts to be certified and transferred, ensuring that if certain financial thresholds are met, funds will be allocated appropriately to support property tax relief.

Additionally, the bill establishes a minimum amount of property tax relief to be provided each tax year, starting at $750 million for tax year 2024 and increasing annually. It also clarifies that any additional funds transferred to the School District Property Tax Relief Credit Fund will be added to the minimum required relief for that tax year. The intent of the Legislature regarding future transfers from the General Fund to the relief fund has been revised, removing specific dollar amounts for future fiscal years and instead emphasizing the need for sufficient funding to meet the established relief requirements. The bill declares an emergency, allowing it to take effect immediately upon passage.

Statutes affected:
Introduced: 77-4602, 77-7304, 77-7305