SB 111 Summary

• Makes permanent the temporary reimbursements to school districts and local taxing units for tangible personal property tax losses that were previously set to expire after fiscal year 2018.

• Changes the distribution of commercial activities tax receipts to allocate 70% to school district tangible property tax replacement fund and 30% to local government tangible property tax replacement fund for fiscal year 2011 and thereafter (instead of phasing in general revenue fund allocations through 2019).

• Eliminates the declining payment schedules for fixed-rate and fixed-sum levy losses that were scheduled to decrease from 2012-2018; instead provides continued reimbursement at consistent rates.

• Removes time limits and phase-out provisions for administrative fee loss reimbursements to counties, extending them indefinitely rather than ending in 2017.

• Ensures all funds credited to the school district tangible personal property tax replacement fund are appropriated for school purposes beginning in fiscal year 2019 and thereafter.