Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Senate Tax Committee approves amendment to SB 117 changing newly taxable capture, inflation cap and creating reserve for large taxpayers
Summary
Committee adopted an amendment to Senate Bill 117 that raises the allowable inflation adjustment for local levies, reduces the share of newly taxable value counties may keep, and requires a reserve account for large taxpayers; the committee then advanced SB 117 to the Senate floor as amended.
The Senate Tax Committee conducted executive action on Senate Bill 117 and approved an amendment that revises how local governments may account for inflation and newly taxable property. The amendment was presented to the committee by a staff presenter and approved by voice vote; the committee then moved the bill as amended to the Senate floor.
Under the amendment described to the committee, the prior statutory allowance that let counties use "half the rate of inflation" would become a full inflation allowance, capped at 4 percent averaged over the last three years. The amendment also changes how newly taxable property is treated: for class 4 property (smaller businesses and homes) 75 percent of newly taxable value may be retained by the local government and 25…
Already have an account? Log in
Subscribe to keep reading
Unlock the rest of this article — and every article on Citizen Portal.
- Unlimited articles
- AI-powered breakdowns of topics, speakers, decisions, and budgets
- Instant alerts when your location has a new meeting
- Follow topics and more locations
- 1,000 AI Insights / month, plus AI Chat
