SB 492 Summary

• Extends the county surcharge on state general excise tax expiration date from December 31, 2030, to December 31, 2045, for counties that established a surcharge before July 1, 2015.

• Requires counties wishing to extend their surcharge to adopt an ordinance by January 1, 2028 (previously January 1, 2018) after conducting a public hearing.

• Changes the final levying date for county surcharges from December 31, 2030, to December 31, 2045, for counties that did not establish a surcharge before July 1, 2015.

• Removes restrictions on using surcharge revenues for housing infrastructure costs, eliminating the requirement that costs not be passed to developers.

• Takes effect on May 13, 2040.