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Senate Bill 2274 |
Senate Author: Seliger |
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Effective: 6-19-09 |
House Sponsor: Chisum |
Senate Bill 2274 amends the Tax Code to allow a school district to reduce the district's maintenance and operations (M&O) tax rate and subsequently raise it to its level prior to the decrease without triggering a rollback election. Specifically, the bill provides that if for the preceding tax year a district adopted an M&O rate that was less than its effective M&O rate for that preceding tax year, the rollback tax rate for the current year is calculated as if the district had adopted an M&O rate for the preceding year that was equal to its effective M&O rate for that preceding tax year. The bill authorizes a school district to levy taxes and collect related revenue to pay off bond debt early before the principal and interest become due. The bill's changes apply to the property tax rate of a school district beginning with the 2009 tax year, unless the school district adopted a property tax rate for the 2009 tax year before the bill's effective date, in which case the bill's changes apply to the tax rate beginning with the 2010 tax year.