House Bill 182
Chair's Name: Larry O�Neal
Committee: Ways & Means
House Sponsor: Chuck Martin
HB 182 broadens the exclusions from the equalized adjusted property tax digest to also exclude the difference between the value of all taxable property within any tax allocation district and the tax allocation increment base of such tax allocation district. Currently, the digests exclude all real and personal property exempt from taxation. In tax allocation districts currently, increases revenues are pledged to pay bonds, however school boards have to pay in this increased value despite that the revenues are going to pay bonds. This bill will ensure that school boards will not have to pay in revenues they do not actually receive.
The committee substitute received a Do Pass recommendation from the Ways & Means Committee and comes to the House Floor under the Structured Rule.
Chairman O�Neal�s opinion of this legislation:
WHAT PROBLEM/OPPORTUNITY DOES THIS LEGISLATION ADDRESS?
This bill will ensure that school boards will not have to pay in revenues they do not actually receive. In tax allocation districts currently, increases revenues are pledged to pay bonds, however school boards have to pay in this increased value despite that these revenues are going to pay bonds.
WHAT IS THE DRIVING FORCE BEHIND THIS LEGISLATION?
To clarify an ambiguity in the law.
THIS LEGISLATION:
- Reduces The Tax Burden On Our Citizens:
This bill reduces the tax burden on our school boards, by not requiring them to pay in revenues they have not actually received.
|