House Bill 1597
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DIGEST OF INTRODUCED BILL
Exemption of debt service from circuit breaker. Exempts debt and lease obligations entered into before January 1, 2008, from the application of the 2% assessed value property tax circuit breaker credit. Permits the department of local government finance to exempt debt and lease obligations entered into after December 31, 2007, from the application of the 2% assessed value property tax circuit breaker credit if the department determines that other revenue cannot be made available to repay debt and lease obligations without a material risk of substantial harm to the public safety or welfare of the persons served by the affected taxing units. Indicates that the credit does not relieve a political subdivision from fully funding the payment of debt service or lease rentals. Repeals obsolete provisions related to the application of a 2% assessed value property tax circuit breaker credit.
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| ||In Committee - first House|