HB 474 Summary

• Requires nonschool taxing districts to provide notice of intent, hold a public hearing, and adopt a resolution before budgeting any foregone tax increase in a following year.

• Districts may recover foregone increases up to 100% of the original amount not to exceed the maximum allowable increase, but only after the notice, hearing, and resolution procedures are completed.

• District clerk must file a copy of the resolution with the county clerk and state tax commission upon adoption.

• The additional amount recovered shall be included in future calculations for allowable budget increases.

• Section 1 becomes effective July 1, 2016; Section 2 (addressing a 2015 amendment) becomes effective July 1, 2017.