This bill amends several sections of the Revised Statutes Cumulative Supplement, 2024, to modify the processes related to the transfer of General Fund net receipts and the provisions of the School District Property Tax Relief Act. Key changes include the Tax Commissioner’s responsibilities in determining actual General Fund net receipts and the conditions under which these amounts are certified and transferred to the Cash Reserve Fund and the School District Property Tax Relief Credit Fund. The bill introduces new calculations for determining the amounts to be transferred based on comparisons of actual and estimated receipts, as well as adjustments for prior fiscal year receipts.

Additionally, the bill establishes a framework for the School District Property Tax Relief Credit Fund, specifying that property tax relief will be provided in the form of credits against property taxes owed to school districts. The minimum amounts of relief for each tax year are set, with provisions for annual increases. The intent of the Legislature is also clarified regarding future transfers from the General Fund to the relief fund, ensuring that sufficient amounts are allocated to meet the required property tax relief. The original sections being amended are repealed, and the act is declared to take effect immediately due to the existence of an emergency.

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