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Committee outlines funding and creates Property Tax Relief Fund in discussion of HB1176
Summary
Members described a funding package for House Bill 1176 that creates a Property Tax Relief Fund and redirects legacy earnings into it; committee reviewed fiscal allocations and approved an amendment restricting override timing and election type.
Representative Craig Hedlund told the committee that House Bill 1176 was amended in Finance and Tax to change revenue sources and create a property tax relief fund.
Hedlund said the tax committee transferred $225 million from legacy earnings into the proposed property tax relief fund and routed an additional approximately $173 million of earnings into the same fund, creating roughly $398 million in the fund; the bill’s total appropriation for the program, Hedlund told members, was about $473…
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