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Committee advances bill to raise threshold for tapping Property Tax Relief Trust Fund to 75 percent
Summary
The Senate Revenue & Tax Committee voted to pass House Bill 1074, which would raise the threshold for using money from the Property Tax Relief Trust Fund from 50 percent to 75 percent; lawmakers said the fund was intended for tax relief when approved by voters in 1999 and that the Fiscal & Administrative office reported no fiscal impact.
The Senate Revenue & Tax Committee voted to advance House Bill 1074, which would raise the threshold for diverting funds from the Property Tax Relief Trust Fund from 50 percent to 75 percent, during a brief committee meeting.
Senator Kroll (District 3) presented the bill, saying the change would protect the fund for property tax relief. “This is on the property tax relief trust fund. This is going to increase the threshold. We have, over the past 20 years, taken money out of this for other things, and I do not believe when the taxpayers voted this in in 1999, this was their intent. They…
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