No. HB 799
Filed under Taxes & Budget.
Ad Valorem Tax Revenue in Fiscally Constrained Counties; Requires Legislature to appropriate funds for specified purpose; requires that such funds be distributed in specified manner; requires specified counties to apply for such distribution; provides requirements for application; provides specified calculation to be used to determine funding; provides for reversion of funds in specified circumstances.
Plain English Summary
AI-GENERATEDThe state must annually appropriate funds to offset ad valorem tax revenue losses in fiscally constrained counties caused by a 2026 constitutional amendment.
Funds are distributed in January based on each county's proportional share of the total statewide tax revenue reduction.
Counties must apply to the Department of Revenue by November 15 with specific documentation prepared by their property appraiser.
Counties that fail to submit a timely application forfeit their share, and those funds revert to the original state fund.
AICreates a legal requirement for the state to fund counties that lose tax revenue due to a specific constitutional amendment.
AIMandates that state funds be divided among counties strictly based on their share of the total statewide tax revenue loss.
AIRequires counties to submit annual applications with specific property tax data to receive their share of the funds.
AIDictates the exact mathematical formula, including a 95% factor and specific millage rate rules, used to determine each county's loss.
AIForces counties that fail to apply for the distribution to forfeit their share back to the state fund.