SB 1529 - Revenue Budget Reconciliation Summary

• Modifies the financial services fund to broaden its use from loan originator supervision to general departmental duties.

• Allows school districts to fund desegregation expenses using secondary property taxes (without voter approval) beginning fiscal year 2018-2019, rather than requiring primary property taxes.

• Reduces the job creation withholdings clearing account allocations to $21.5 million for fiscal year 2018-2019 and $15.5 million annually thereafter (from previous amounts of $26.5 million and $21.5 million).

• Increases military retirement pay exclusion from $2,500 to $3,500 annually for tax purposes beginning January 1, 2019.

• Appropriates $30 million in fiscal year 2017-2018 and $30 million in 2018-2019 from the highway expansion fund for distribution to counties, cities, and towns for highway and street construction and maintenance.