Legislative Session number- 85

Bill Name: HF2294

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