Text: HSB00616 Text: HSB00618 Text: HSB00600 - HSB00699 Text: HSB Index Bills and Amendments: General Index Bill History: General Index
PAG LIN
1 1 Section 1. Section 25B.7, Code Supplement 2003, is
1 2 repealed.
1 3 Sec. 2. EFFECTIVE DATE. This Act, being deemed of
1 4 immediate importance, takes effect upon enactment.
1 5 EXPLANATION
1 6 Code section 25B.7 provides that the cost of providing a
1 7 property tax credit or exemption enacted by the state on or
1 8 after January 1, 1997, shall be fully funded by the state.
1 9 The section also provides that if the state appropriation made
1 10 to fund a property tax credit or exemption is not sufficient
1 11 to fully fund the credit or exemption, the amount of the
1 12 credit or exemption extended to the taxpayer shall be
1 13 prorated. The proration provision also applies to the
1 14 currently existing homestead property tax credit, the low-
1 15 income and elderly and disabled property tax credit, and the
1 16 military service property tax credit.
1 17 This bill repeals Code section 25B.7.
1 18 The bill takes effect upon enactment.
1 19 LSB 5418YC 80
1 20 sc/sh/8
Text: HSB00616 Text: HSB00618 Text: HSB00600 - HSB00699 Text: HSB Index Bills and Amendments: General Index Bill History: General Index
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