DIGEST OF INTRODUCED BILL
Termination of property taxes. Provides that ad valorem property taxes may not be imposed after 2008. Prohibits a political subdivision from issuing obligations of the corporation payable from ad valorem property taxes after the effective date of this act. Allows the general assembly to provide by law for revenue from any source to pay after 2009 obligations of a political subdivision to which the political subdivision pledged ad valorem property tax revenue.