Amends the term "extraordinary costs" for the purposes of excess costs associated with special education students. The new definition of extraordinary costs would be educational costs that are over 3 times the average statewide special education cost.
Provides that a student's enrollment in Medicaid would be included in calculating and determining the student success factor for use in the foundation education-aid formula.
Imposes a property tax on non-owner occupied residential properties assessed worth at one million dollars ($1,000,000) and less than two million dollars ($2,000,000) and a higher tax on properties assessed at two million dollars ($2,000,000) or more.
Generates an estate tax discharge upon the recording of a statement by the executor or other estate representative that the value of the decedent’s gross estate does not require a state or federal tax filing.
Allows a municipality to set its own conveyance tax rate for residential properties sold in excess of $900,000.00 at $10 per $500. Provides collected taxes to be in a restricted account and distributed within 2 years for affordable housing.
Caps delinquent tax interest rate at 12%. Prohibits audits beyond 3 years from date of tax filing, 7 years for fraudulent filings, and in no event beyond 10 years from date of filing or required filing date, whichever is later.
Allows a modification for all taxable pension and/or annuity income includible in federal adjusted gross income for tax years beginning on or after January 1, 2026.