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Senate Passes H887 to Adjust Property‑Tax Yields, Add Education Finance Study and New Revenue Measures
Summary
After extended floor debate and several amendments, the Senate passed H887, which adjusts homestead property tax yields, reintroduces an excess spending cap, establishes an Education Finance Study Committee and includes revenue changes (short‑term rental surcharge and a limited cloud tax) to partially buy down tax rates.
The Senate passed H887, an act making major changes to homestead property tax yields, non‑homestead rates and education finance after floor debate that lasted much of the session.
Senator Cummings, presenting the report of the Committee on Finance, said the measure reflected urgent work to contain an unusually high increase in school spending: "This year, it went up 18%. It is an unprecedented number," the senator said, stressing the need for a focused…
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