This bill amends the School District Property Tax Relief Act by modifying the provisions related to fund transfers to the School District Property Tax Relief Credit Fund and the amount of tax relief granted. Specifically, it establishes that the State Treasurer will transfer seven hundred fifty million dollars from the General Fund to the School District Property Tax Relief Credit Fund for the fiscal year 2024-25. The bill removes previous intentions for larger transfers in subsequent years and instead states that the amount transferred in fiscal year 2025-26 and each year thereafter will be equal to the previous year's amount increased by one hundred fifty million dollars.

Additionally, the bill outlines that for tax year 2024, the total amount of relief granted will be seven hundred fifty million dollars, with future relief amounts increasing by one hundred fifty million dollars each year thereafter. The relief will be provided in the form of property tax credits that will appear on property tax statements, credited against the property taxes owed to school districts. The bill also includes provisions for the disbursement of funds to counties and the management of unused credits, ensuring that the School District Property Tax Relief Credit Fund is utilized effectively for its intended purpose.

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