Imposes a transaction tax on retail purchases and dedicates revenues to reduce property taxes.

The bill imposes a tax on retail transactions, with rates varying based on the final purchase price. It creates a property tax replacement fund to distribute collected revenues to reduce property tax levies. The fund aims to eliminate taxes on owner-occupied single-family dwellings, agricultural property, and nonagricultural property, in that order. The bill also mandates that contractors list excise and use taxes as separate line items on contracts and bills.

Imposes a transaction tax on retail purchases and dedicates revenues to reduce property taxes.

The bill imposes a tax on retail transactions, with rates varying based on the final purchase price. It creates a property tax replacement fund to distribute collected revenues to reduce property tax levies. The fund aims to eliminate taxes on owner-occupied single-family dwellings, agricultural property, and nonagricultural property, in that order. The bill also mandates that contractors list excise and use taxes as separate line items on contracts and bills.