H0961

Expands the homestead property tax exemption, increases the sales tax rate, and directs sales tax revenue to taxing districts to replace lost.

This bill amends and adds to existing law to expand the homestead property tax exemption, increase the sales tax rate, and direct sales tax revenue to taxing districts to replace property tax revenue lost from the homestead exemption expansion. It revises the homestead property tax exemption, increases the sales tax rate, and establishes a Homestead Property Tax Replacement Fund to distribute sales and use tax revenues to taxing districts. The bill also makes technical corrections and declares an emergency, providing retroactive application and an effective date.