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 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 $150 million.

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. The property tax credits will be applied to property tax statements and will be calculated based on the school district taxes levied on each parcel. The bill also includes provisions for disbursement to counties and the return of unused credits to the School District Property Tax Relief Credit Fund. The original sections of the law being amended are repealed, and the act is declared to take effect immediately due to the existence of an emergency.

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