SF 26 Summary

• Modifies referendum equalization levy thresholds for school districts, increasing the market value per pupil unit from $567,000 to $650,000 for first tier and $290,000 to $320,000 for second tier, effective for fiscal year 2022 and later.

• Creates property tax exemption for certain Indian tribe property in specific counties and provides refunds for taxes paid in 2020; also modifies property tax classifications for residential real estate, including short-term rental properties.

• Makes student loan credit refundable for eligible individuals and adds volunteer driver reimbursement as a tax subtraction, expiring after December 31, 2029.

• Establishes comprehensive partnership audit reporting and payment requirements through new sections 289A.381 and 289A.382, allowing partnerships to report federal adjustments and elect to pay assessments at entity level.

• Modifies lawful gambling tax rates, sales tax exemptions for nonprofit fundraising and local government construction projects, and updates workforce and affordable homeownership development program to include loans in addition to grants.