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Senate Bill 0495


Senate Bill 0495

ARCHIVE (2009)

Latest Information

 

DIGEST OF INTRODUCED BILL


Property tax circuit breaker income tax. Permits a county to impose an income tax to replace property tax revenue that is reduced as a result of the property tax circuit breaker rate caps. Requires the department of local government finance to determine and certify the property tax circuit breaker replacement amount. Requires the budget agency to determine and certify the income tax rate necessary to raise the property tax circuit breaker replacement amount. Provides that these determinations are made when the income tax is initially imposed. Allows for subsequent determinations of the replacement amount and the maximum rate. Provides that the rate may not exceed the lesser of the certified rate or 1%. Requires the revenue from the tax to be deposited in each fund affected by the property tax circuit breaker. Requires any excess income tax revenue to be deposited in the civil taxing unit's rainy day fund.
    Current Status:
     In Committee - first House
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