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House adopts motion to circle first substitute to clarify deferred property tax interest indexing
Summary
Representative Richardson presented a first substitute to HB200 that replaces references to the federal discount rate with the federal target rate for determining penalty interest on deferred property tax sales for indigent owners; members asked for more time to review and the House voted to circle the substitute for further work.
Representative Richardson explained that the first substitute to HB200 addresses an inequity by aligning penalty interest calculations used in deferred property tax sales for indigent homeowners with a stable index preferred by county treasurers. "So it now reads under the substitute bill the federal target rate rather than federal discount rate," he said, noting county treasurers requested uniformity across statutes.
Several members objected to debating a substitute that had not been through committee and asked the sponsor to introduce the substitute and allow time for review. Representative Snow urged the sponsor to circle the substitute; Representative Richardson agreed to circle it so he could work language with colleagues. The motion to circle House Bill 200 was made and passed, and sponsors said they would refine the substitute and return it after committee consideration.
