HF 2294

FIRST ENGROSSMENT

Omnibus tax bill modifying property tax provisinos, providing a homestead credit state refund, increasing property tax refunds, providing a school bond agricultural credit, and adding an income tax bracket and rate.

ARTICLE 1: HOMESTEAD CREDIT STATE REFUND HOMEOWNERS AND RENTERS

Section 1: Residential homestead market value credit language added.

Section 2: Contents of tax statements language modified.

Section 3: Property taxes payable language modified.

Section 4: Renters language modified.

Section 5: Additional refund language modified.

Section 6: Homestead credit state refund language provided.

Section 7: Table language modified.

Section 8: Inflation adjustment language modified.

Section 9: Homestead credit state refund transition reserve language provided.

Section 10: Repealer provided.

ARTICLE 2: EDUCATION PROPERTY TAX REFLIEF

Section 1: Debt service equalization revenue language modified.

Section 2: Equalized debt service levy language modified.

Section 3: Debt service and school bond agricultural credit appropriation language modified.

Section 4: School bond agricultural credit language provided.

Section 5: Statewide adjusted net tax capacity equalizing factor language provided.

Section 6: Operating capital levy language modified.

Section 7: Referendum equalization levy language modified.

Section 8: Adjusted debt service net tax capacity language provided.

Section 9: Limited market value language modified.

Section 10: Computation of net property taxes language modified.

Section 11: Notice of proposed property taxes language modified.

Section 12: School district levies; special requirements language modified.

Section 13: Computation of tax rates language modified.

ARTICLE 3: INCOME TAX

Section 1: Schedules of rates for individuals, estates, and trusts language modified.

Section 2: Inflation adjustment of brackets language modified.

JAJ 5/14/7