CO HB1164

Declares that subsection (2)(a)(III) of the Public School Finance Act, as applied from 1994-2006, wrongly reduced district property tax mill levies and those reductions are void for the 2020 tax year and thereafter.

Requires school districts to grant temporary property tax credits equal to mill levy increases compared to 2019 levels, with the Department of Education adopting a correction schedule for phased reductions beginning in 2021.

Mandates districts reduce temporary property tax credits by no more than one mill per property tax year, with all credits eliminated by the 2040 property tax year.

Requires the General Assembly to appropriate state budget savings from decreased property tax credits back to the state share of total program funding through the 2021-22 budget year and beyond, until the state budget stabilization is complete.

Declares the act necessary for immediate preservation of public peace, health, or safety.