Changes to Existing Law
SB199 — Establish a new fund to provide property tax relief.
1 section modified+553-0
View:
§ 10-13
New Section+553
NEW SECTION added to Chapter 10-13
There is created in the state treasury the property tax relief fund. The fund consists of moneys transferred from the general fund pursuant to section of this Act. The Department of Revenue shall administer the fund. The purpose of the fund is to supplement property tax levies of political subdivisions of this state to reduce property taxes imposed on real property as provided for by the Legislature. Interest on moneys credited to the fund must remain in the fund. Expenditures from the fund must be by a special appropriation of the Legislature. 10