Changes to Existing Law
SB125 — Establish the homeowner tax reduction fund.
2 sections modified+1066-0
View:
§ 10-13
New Section+622
NEW SECTION added to Chapter 10-13
Prior to June thirtieth of each year, the secretary of the Department of Revenue shall calculate the maximum amount of tax rebate to which each owner of owner-occupied property is entitled for the current tax year, using the following formula: (1) Multiply two dollars by the number of property owners entitled to receive the tax rebate; (2) Subtract the resulting amount in subdivision (1) from the total amount of moneys appropriated from the homeowner tax reduction fund for the current tax year; (3) Divide the resulting amount in subdivision (2) by the number of property owners entitled to receive the tax rebate. 20
§ 13-13
New Section+444
NEW SECTION added to Chapter 13-13
There is created in the state treasury the homeowner tax reduction fund. 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. 10