Changes to Existing Law
SB118 — Deposit certain tax revenues into a homeowner tax reduction fund.
3 sections modified+1152-71
View:
§ 10-13
New Section+960
NEW SECTION added to Chapter 10-13
There is created in the state treasury the homeowner tax reduction fund. On or before January thirty-first of each year, the treasurer shall deposit in the fund, the greater of one hundred million dollars, or the applicable percent of taxes collected in the previous year pursuant to: (1) Chapter 10-45; (2) Chapter 10-46; (3) Chapter 10-46E; (4) Chapter 10-58; and (5) § 32-5B-20. The Department of Revenue shall administer the fund. The purpose of the fund is to provide a property tax rebate for owner-occupied single-family dwellings. Interest on moneys credited to the fund must remain in the fund. Expenditures from the fund must be budgeted through the general appropriation bill. Moneys in the fund may not be transferred to the general fund. For purposes of this section, "applicable percent" means three-tenths percent divided by the tax rate provided for the taxes referenced in subdivisions (1) to (5), inclusive, of this section, as applicable. 20
§ 10-46-48
Amended+67-38
Section 10-46-48 — AMENDED
§ 10-58-5
Amended+125-33
Section 10-58-5 — AMENDED