The bill passed on the very last day of the 2013 session and does the following:
- 10% rollback over 2 years on commercial and industrial property taxes.
- 100% backfill to local governments for loss revenue on the rollback
- Property Tax Credit for small businesses
- Limit assessment growth from 4% to 3% on agriculture and residential propertie
- Exemption of 20-40% on telecommunications property
- Establishment of a new “multi-residential” class that will allow apartments, assisted living and nursing homes to be assessed like residential properties
- Rebate between $30-60 to individual income taxpayers who have tax liability when the Taxpayer Trust Fund receives over $30 million.
- Earned Income Tax Credit Increase from 7%-15%.