No. SB 932
Filed under Taxes & Budget.
Ad Valorem Tax Revenue in Fiscally Constrained Counties; Requiring the Legislature to appropriate funds for a specified purpose; requiring that such funds be distributed in a specified manner; requiring specified counties to apply for such distribution; providing requirements for application; providing a specified calculation to be used to determine funding; providing for a reversion of funds in specified circumstances, etc.
Plain English Summary
AI-GENERATEDThe state must appropriate funds to offset ad valorem tax revenue losses in fiscally constrained counties caused by a specific constitutional amendment.
Funds are distributed in January based on each county's proportion of the total statewide tax revenue reduction.
Counties must apply to the Department of Revenue by November 15 with documentation prepared by their property appraiser.
Counties that fail to apply by the deadline forfeit their share, and those funds revert to the original state fund.
AICreates a binding requirement for the state to fund a specific loss, removing legislative discretion to deny the appropriation.
AIMandates that funds be allocated strictly based on each county's share of the total revenue loss, preventing discretionary allocation.
AIImposes a strict deadline and specific documentation requirements on counties, making participation contingent on compliance.
AIForces counties to actively claim their share or lose it, ensuring unclaimed funds return to the state rather than being redistributed.