SB 1131 Summary

• Prohibits cities, towns, and taxing jurisdictions from levying transaction privilege taxes on residential rental properties effective December 31, 2024.

• Adds section 33-1332 requiring landlords to reduce rent by the amount of any repealed residential rental tax on or before January 1, 2025, with the landlord bearing the burden of proof in disputes.

• Repeals section 42-6011 and eliminates prior law allowing municipalities to require transaction privilege tax licenses for residential rental property owners.

• Modifies rental agreement law to remove provisions allowing landlords to adjust rent based on municipal tax rate changes on residential rent.

• Requires the Department of Revenue to notify all residential rental tax licensees by September 30, 2024 that the residential rental transaction privilege tax will end December 31, 2024.