HB 1314 Summary

• Authorizes counties to levy a surcharge on transient accommodations tax if they increase real property tax rates by at least 20% in three-year intervals and increase residential property exemptions.

• Repeals state allocation of transient accommodations tax revenue to counties, requiring participating counties to remit a portion of new real property tax revenues to the state instead.

• Establishes three new tax credits for qualifying residents in participating counties: landlord low-income tenant tax credit (50% of rent difference), residential circuit breaker tax credit, and real property tax credit (50% of property taxes for those 65+).

• Gradually reduces individual and corporation income tax rates for residents/businesses in participating counties through four phases beginning in 2022, with rates declining by approximately 1-2 percentage points by 2034.

• Requires certain taxpayers in participating counties to file an information return beginning January 1, 2031; effective date is July 1, 2050.