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 $750 million from the General Fund to the School District Property Tax Relief Credit Fund for the fiscal year 2024-25. The bill also changes the intent of future transfers, stating that the amount transferred in fiscal year 2025-26 and each subsequent year will be equal to the previous year's transfer increased by $150 million, rather than the previously intended amounts which were progressively higher each year.

Additionally, the bill sets the total amount of relief granted under the act for tax year 2024 at $750 million, with future relief amounts increasing by $150 million each year thereafter, rather than the previously specified amounts. The relief will be provided in the form of property tax credits that will appear on property tax statements, and the bill outlines the process for determining the amount of property tax credit for each parcel. The act is declared to take effect immediately upon passage and approval due to the existence of an emergency.

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