The bill amends section 319.301 of the Revised Code to include emergency levies, substitute levies, all inside millage, and school district income taxes in the calculation of a school district's effective millage floor. This change aims to provide a more comprehensive assessment of the tax levies that contribute to a school district's funding. The bill also introduces new definitions and clarifications regarding "qualifying taxes charged and payable," which encompasses various types of taxes, including those levied under specific sections of the Revised Code.

Additionally, the bill makes several deletions and insertions to refine the language and definitions within the existing law. Notably, it removes the previous definition of "effective tax rate" and replaces it with updated terminology that better reflects the current tax structure. The bill also mandates that the tax commissioner compute a property tax equivalent rate for each school district that levies a school district income tax, ensuring that these taxes are factored into the overall tax calculations. The changes are set to take effect for tax years beginning on or after the bill's effective date.

Statutes affected:
As Introduced: 319.301