HB0203: Property tax reduction and replacement act.

Legislative Summary

AN ACT relating to taxation and revenue; establishing a property tax exemption for single family residential properties; providing a sales and use tax to provide funding to local governments due to the decrease in revenue from the property tax exemption; providing for the distribution of the sales and use tax; revising provisions related to local optional sales and use taxes; providing rulemaking authority; specifying applicability; and providing for an effective date.