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 effective tax rates applicable to school districts, ensuring that various forms of taxation are accounted for in determining the financial resources available for educational purposes.

Additionally, the bill makes several deletions and insertions to clarify definitions and processes related to tax calculations. Notably, it removes the previous definition of "effective tax rate" and introduces new terms such as "qualifying taxes charged and payable" and "school district income tax." The bill also establishes a new requirement for the tax commissioner to compute a property tax equivalent rate for each school district that levies a school district income tax, thereby enhancing the accuracy of tax assessments and ensuring that all relevant taxes are considered in the overall financial framework for school districts.

Statutes affected:
As Introduced: 319.301