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.
Included in complete analysis
- Overview
- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
See what it does, who it affects, and the critical issues in plain language. Free, 30 seconds.