Reference is to Printer's DATE [SEC 5/19/14 1:59 PM].
Amend the bill, as and if amended, SECTION 1, by striking Section 4-10-470(B) and inserting:
/ (B)(1) The
Education Capital Improvements Sales and Use Tax authorized by
this article also may be imposed in a county without regard to
the requirements of subsection (A) if:
(a)
at the time of the referendum, no portion of the
county in which the tax is to be imposed is subject to more than
two percent total local sales tax; and
(b)
the county in which the tax is to be imposed is
encompassed completely by one entire school district, and that
school district also extends into one adjacent county.
(2)
Notwithstanding any other provision of this
article, if the Education Capital Improvements Sales and Use Tax
is imposed pursuant to this subsection, then:
(a)
stated in calendar years, the tax may not be
imposed for more than ten years;
(b)
at least ten percent of the proceeds must be
used to provide a credit against existing debt service millage
on general obligation bonds in the same manner as in item (3)
with the applicable adjustment to the numerator. The offset
only may be applied within the county, and not to the portion of
the adjacent county, in a manner similar to item (3); and
(c)
the total debt service on bonds issued by the
school district resulting from the imposition, net of any
premium or accrued interest, shall not exceed ninety percent of
the total amount of Education Capital Improvements Sales and Use
Tax proceeds estimated to be allocated to the school district
during the imposition, minus any amounts dedicated to the credit
required pursuant to subitem (b). The Board of Economic
Advisors shall provide the estimate of the total amount.
(3)(a)
The revenues allotted to the district must be
used to provide a nonrefundable credit against the millage
imposed for debt service to service bonds issued by the district
resulting from the imposition, on property taxable in the county
only. The amount of the credit is determined by multiplying the
value of the taxable property, before the exemption provided in
Section 12-37-250, by a fraction in which the numerator is the
total estimated revenue allotted to the district during the
applicable fiscal year of the district minus the amounts set
forth in item (2), and the denominator is the total of the
property tax value of taxable property in the county as defined
pursuant to Section 12-37-3135(5), including the value exempted
in Section 12-37-250, in the district as of January first of the
applicable property tax year. For motor vehicles subject to the
payment of property taxes pursuant to Article 21, Chapter 37,
Title 12, the credit provided pursuant to this subsection
applies against the tax liability for motor vehicle tax years
beginning after December of the year in which the credit is
calculated. The credit applies first against the liability
arising from millage imposed for debt obligations for schools,
and then against any liability arising from school
operations.
(b)
The credit provided by this article is in
addition to any credits allowed pursuant to Article 1 of this
chapter, and to the extent that there is unused credit, then the
credit provided by this article may be applied proportionately
against other property tax liability.
(c)
Before the provisions of subitem (b) apply, an
amount equal to the credit that would apply against the property
tax liability for school operations imposed on an owner-occupied
residence but for the exemption allowed pursuant to Section
12-37-220(B)(47) is allowed as a credit to be applied
proportionately against all nonschool-related property tax
otherwise due on the residence.
(d)
If proceeds from the imposition are unused after
the termination of the tax, then the unused funds must be used
to provide a credit in the same manner as provided in subitem
(a) over the next three property tax years.
(4)
Notwithstanding any other provision of law, if,
within a county there is imposed the Education Capital
Improvements Sales and Use Tax pursuant to this subsection, then
no other local sales tax may be imposed in that county if the
subsequent imposition causes the total sales tax to exceed two
percent in any portion of the county. This limitation applies
so long as this subsection is utilized to impose the Education
Capital Improvements Sales and Use Tax.
(5)
Notwithstanding any other provision of law, if
the tax imposed pursuant to this subsection and another sales
tax are approved at the same referendum, and the approval of
both subjects any portion of the county to more than two percent
total local sales tax, then only the tax whose approving
resolution was adopted first may be imposed, and the other tax
is deemed to not have been approved.
(6)
For purposes of this subsection, a sales tax is
a tax levied pursuant to this chapter, pursuant to Chapter 37,
Title 4, or pursuant to any local law enacted by the General
Assembly. /
Renumber sections to conform.
Amend title to conform.