Utah 2025 Regular Session

Utah House Bill HB0110 Compare Versions

Version 1 (Old)

Version 2 (New)

Old	New		Differences
1		-	Enrolled Copy H.B. 110
	1	+	02-05 20:59 2nd Sub. (Gray) H.B. 110
	2	+	Tiara Auxier proposes the following substitute bill:
2	3		1
3	4		Combined Basic Tax Rate Reduction
4	5		2025 GENERAL SESSION
5	6		STATE OF UTAH
6	7		Chief Sponsor: Tiara Auxier
7		-	Senate Sponsor: Daniel McCay
8		-
9		-	Cosponsor: Stephanie Gricius Jefferson Moss
10		-
11		-	Cheryl K. Acton Jason B. Kyle Candice B. Pierucci
12		-
13		-	Tyler Clancy Trevor Lee Calvin Roberts
14		-
15		-	Joseph Elison Karianne Lisonbee R. Neil Walter
	8	+	Senate Sponsor:
16	9		2
17	10
18	11		3
19	12		LONG TITLE
20	13		4
21	14		General Description:
22	15		5
23	16		This bill repeals the weighted pupil unit (WPU) value rate from the combination of
24	17		6
25	18		property tax rates that fund public education.
26	19		7
27	20		Highlighted Provisions:
28	21		8
29	22		This bill:
30	23		9
31	24		▸ repeals the WPU value rate from the combination of property tax rates that fund public
32	25		10
33	26		education;
34	27		11
35	28		▸ provides that the repeal of the WPU value rate does not affect the amount of ongoing
36	29		12
37	30		appropriations to the Teacher and Student Success Program;
38	31		13
39	32		▸ includes a clause to coordinate the effect of the repeal of the WPU value rate with
40	33		14
41	34		language that S.B. 37, Minimum Basic Tax Rate Amendments, enacts; and
42	35		15
43	36		▸ makes technical and conforming changes.
44	37		16
45	38		Money Appropriated in this Bill:
46	39		17
47	40		None
48	41		18
49	42		Other Special Clauses:
50	43		19
51	44		This bill provides a special effective date.
52	45		20
53	46		This bill provides a coordination clause.
54	47		21
55	48		Utah Code Sections Affected:
56	49		22
57		-	AMENDS: ~~H.B. 110 Enrolled Copy~~
	50	+	AMENDS:
58	51		23
59	52		53F-2-301, as last amended by Laws of Utah 2024, Chapters 124, 460
60	53		24
61	54		59-2-919.1, as last amended by Laws of Utah 2024, Chapter 246
62	55		25
63	56		59-2-926, as last amended by Laws of Utah 2023, Chapter 7
64	57		26
65	58		Utah Code Sections affected by Coordination Clause:
66	59		27
67	60		53F-2-301, as last amended by Laws of Utah 2024, Chapters 124, 460
68	61		28
69	62
	63	+	2nd Sub. H.B. 110 2nd Sub. (Gray) H.B. 110 02-05 20:59
70	64		29
71	65		Be it enacted by the Legislature of the state of Utah:
72	66		30
73	67		The following section is affected by a coordination clause at the end of this bill.
74	68		31
75	69		Section 1. Section 53F-2-301 is amended to read:
76	70		32
77	71		53F-2-301 . Minimum basic tax rate for a fiscal year that begins after July 1,
78	72		33
79	73		2022.
80	74		34
81	75		(1) As used in this section:
82	76		35
83	77		(a) "Basic levy increment rate" means a tax rate that will generate an amount of revenue
84	78		36
85	79		equal to $75,000,000.
86	80		37
87	81		[(b) "Combined basic rate" means a rate that is the sum of:]
88	82		38
89	83		[(i) the minimum basic tax rate; and]
90	84		39
91	85		[(ii) the WPU value rate.]
92	86		40
93	87		[(c)] (b) "Commission" means the State Tax Commission.
94	88		41
95	89		[(d)] (c) "Minimum basic local amount" means an amount that is:
96	90		42
97	91		(i) equal to the sum of:
98	92		43
99	93		(A) the school districts' contribution to the basic school program the previous
100	94		44
101	95		fiscal year;
102	96		45
103	97		(B) the amount generated by the basic levy increment rate; and
104	98		46
105	99		(C) the eligible new growth, as defined in Section 59-2-924 and rules of the State
106	100		47
107	101		Tax Commission multiplied by the minimum basic rate; and
108	102		48
109	103		(ii) set annually by the Legislature in Subsection (2)(a).
110	104		49
111	105		[(e)] (d) "Minimum basic tax rate" means a tax rate certified by the commission that will
112	106		50
113	107		generate an amount of revenue equal to the minimum basic local amount described in
114	108		51
115	109		Subsection (2)(a).
116	110		52
117	111		[(f) "Weighted pupil unit value" or "WPU value" means the amount established each
118	112		53
119	113		year in the enacted public education budget that is multiplied by the number of
120	114		54
121	115		weighted pupil units to yield the funding level for the basic school program.]
122	116		55
123	117		[(g) "WPU value amount" means an amount:]
124	118		56
125	119		[(i) that is equal to the product of:]
126		-	- 2 - Enrolled Copy H.B. 110
127	120		57
128	121		[(A) the WPU value increase limit; and]
129	122		58
130	123		[(B) the percentage share of local revenue to the cost of the basic school program
131	124		59
132	125		in the immediately preceding fiscal year; and]
133	126		60
134	127		[(ii) set annually by the Legislature in Subsection (3)(a).]
135	128		61
136	129		[(h) "WPU value increase limit" means the lesser of:]
137	130		62
138	131		[(i) the total cost to the basic school program to increase the WPU value over the
	132	+	- 2 - 02-05 20:59 2nd Sub. (Gray) H.B. 110
139	133		63
140	134		WPU value in the prior fiscal year; or]
141	135		64
142	136		[(ii) the total cost to the basic school program to increase the WPU value by 4% over
143	137		65
144	138		the WPU value in the prior fiscal year.]
145	139		66
146	140		[(i) "WPU value rate" means a tax rate certified by the commission that will generate an
147	141		67
148	142		amount of revenue equal to the WPU value amount described in Subsection (3)(a).]
149	143		68
150	144		(2)(a) The minimum basic local amount for the fiscal year that begins on July 1, 2024, is
151	145		69
152	146		$759,529,000 in revenue statewide.
153	147		70
154	148		(b) The preliminary estimate of the minimum basic tax rate for a fiscal year that begins
155	149		71
156	150		on July 1, 2024, is .001429.
157	151		72
158	152		[(3)(a) The WPU value amount for the fiscal year that begins on July 1, 2024, is
159	153		73
160	154		$29,240,600 in revenue statewide.]
161	155		74
162	156		[(b) The preliminary estimate of the WPU value rate for the fiscal year that begins on
163	157		75
164	158		July 1, 2024, is .000055.]
165	159		76
166	160		[(4)] (3)(a) On or before June 22, the commission shall certify [for the year:] the
167	161		77
168	162		minimum basic tax rate for the year.
169	163		78
170	164		[(i) the minimum basic tax rate; and]
171	165		79
172	166		[(ii) the WPU value rate.]
173	167		80
174	168		(b) The estimate of the minimum basic tax rate provided in Subsection (2)(b) [and the
175	169		81
176	170		estimate of the WPU value rate provided in Subsection (3)(b) are] is based on a
177	171		82
178	172		forecast for property values for the next calendar year.
179	173		83
180	174		(c) The certified minimum basic tax rate described in Subsection [(4)(a)(i) and the
181	175		84
182	176		certified WPU value rate described in Subsection (4)(a)(ii) are ] (3)(a) is based on
183	177		85
184	178		property values as of January 1 of the current calendar year, except personal property,
185	179		86
186	180		which is based on values from the previous calendar year.
187	181		87
188	182		[(5)] (4)(a) To qualify for receipt of the state contribution toward the basic school
189	183		88
190	184		program and as a school district's contribution toward the cost of the basic school
191	185		89
192	186		program for the school district, each local school board shall impose the [combined
193	187		90
194	188		basic] minimum basic tax rate.
195		-	- 3 - H.B. 110 Enrolled Copy
196	189		91
197	190		(b)(i) The state is not subject to the notice requirements of Section 59-2-926 before
198	191		92
199	192		imposing the tax rates described in this Subsection [(5)] (4).
200	193		93
201	194		(ii) The state is subject to the notice requirements of Section 59-2-926 if the state
202	195		94
203	196		authorizes a tax rate that exceeds the tax rates described in this Subsection [(5)] (4).
204	197		95
205	198		[(6)] (5)(a) The state shall contribute to each school district toward the cost of the basic
206	199		96
207	200		school program in the school district an amount of money that is the difference
	201	+	- 3 - 2nd Sub. (Gray) H.B. 110 02-05 20:59
208	202		97
209	203		between the cost of the school district's basic school program and the sum of revenue
210	204		98
211	205		generated by the school district by the following:
212	206		99
213	207		(i) the [combined basic] minimum basic tax rate; and
214	208		100
215	209		(ii) the basic levy increment rate.
216	210		101
217	211		(b)(i) If the difference described in Subsection [(6)(a)] (5)(a) equals or exceeds the
218	212		102
219	213		cost of the basic school program in a school district, no state contribution shall be
220	214		103
221	215		made to the basic school program for the school district.
222	216		104
223	217		(ii) The proceeds of the difference described in Subsection [(6)(a)] (5)(a) that exceed
224	218		105
225	219		the cost of the basic school program shall be paid into the Uniform School Fund
226	220		106
227	221		as provided by law and by the close of the fiscal year in which the proceeds were
228	222		107
229	223		calculated.
230	224		108
231	225		[(7)] (6) Upon appropriation by the Legislature, the Division of Finance shall deposit an
232	226		109
233	227		amount equal to the proceeds generated statewide[:]
234	228		110
235	229		[(a)] by the basic levy increment rate into the Minimum Basic Growth Account created
236	230		111
237	231		in Section 53F-9-302[; and] .
238	232		112
239	233		[(b)] (7) [by the WPU value rate into] Nothing in the repeal of the tax rate indexed to the
240	234		113
241	235		increase in the value of the WPU affects the ongoing appropriations to the Teacher and
242	236		114
243	237		Student Success Account created in Section 53F-9-306.
244	238		115
245	239		Section 2. Section 59-2-919.1 is amended to read:
246	240		116
247	241		59-2-919.1 . Notice of property valuation and tax changes.
248	242		117
249	243		(1) In addition to the notice requirements of Section 59-2-919, the county auditor, on or
250	244		118
251	245		before July 22 of each year, shall notify each owner of real estate who is listed on the
252	246		119
253	247		assessment roll.
254	248		120
255	249		(2) The notice described in Subsection (1) shall:
256	250		121
257	251		(a) except as provided in Subsection (4), be sent to all owners of real property by mail
258	252		122
259	253		10 or more days before the day on which:
260	254		123
261	255		(i) the county board of equalization meets; and
262	256		124
263	257		(ii) the taxing entity holds a public hearing on the proposed increase in the certified
264		-	- 4 - Enrolled Copy H.B. 110
265	258		125
266	259		tax rate;
267	260		126
268	261		(b) be on a form that is:
269	262		127
270	263		(i) approved by the commission; and
271	264		128
272	265		(ii) uniform in content in all counties in the state; and
273	266		129
274	267		(c) contain for each property:
275	268		130
276	269		(i) the assessor's determination of the value of the property;
	270	+	- 4 - 02-05 20:59 2nd Sub. (Gray) H.B. 110
277	271		131
278	272		(ii) the taxable value of the property;
279	273		132
280	274		(iii)(A) the deadline for the taxpayer to make an application to appeal the
281	275		133
282	276		valuation or equalization of the property under Section 59-2-1004; or
283	277		134
284	278		(B) for property assessed by the commission, the deadline for the taxpayer to
285	279		135
286	280		apply to the commission for a hearing on an objection to the valuation or
287	281		136
288	282		equalization of the property under Section 59-2-1007;
289	283		137
290	284		(iv) for a property assessed by the commission, a statement that the taxpayer may not
291	285		138
292	286		appeal the valuation or equalization of the property to the county board of
293	287		139
294	288		equalization;
295	289		140
296	290		(v) itemized tax information for all applicable taxing entities, including:
297	291		141
298	292		(A) the dollar amount of the taxpayer's tax liability for the property in the prior
299	293		142
300	294		year; and
301	295		143
302	296		(B) the dollar amount of the taxpayer's tax liability under the current rate;
303	297		144
304	298		(vi) the following, stated separately:
305	299		145
306	300		(A) the charter school levy described in Section 53F-2-703;
307	301		146
308	302		(B) the multicounty assessing and collecting levy described in Subsection
309	303		147
310	304		59-2-1602(2);
311	305		148
312		-	(C) the county assessing and collecting levy described in Subsection 59-2-1602~~(4);~~
	306	+	(C) the county assessing and collecting levy described in Subsection 59-2-1602
313	307		149
	308	+	(4);
	309	+	150
314	310		(D) levies for debt service voted on by the public;
315		-	~~150~~
	311	+	151
316	312		(E) levies imposed for special purposes under Section 10-6-133.4;
317		-	~~151~~
	313	+	152
318	314		(F) for a fiscal year that begins on or after July 1, 2023, the [combined basic]
319		-	~~152~~
	315	+	153
320	316		minimum basic tax rate as defined in Section 53F-2-301; and
321		-	~~153~~
	317	+	154
322	318		(G) if applicable, the annual payment described in Subsection 63H-1-501(4)(a);
323		-	~~154~~
	319	+	155
324	320		(vii) the tax impact on the property;
325		-	~~155~~
	321	+	156
326	322		(viii) the date, time, and place of the required public hearing for each entity;
327		-	~~156~~
	323	+	157
328	324		(ix) property tax information pertaining to:
329		-	~~157~~
	325	+	158
330	326		(A) taxpayer relief;
331		-	~~158~~
	327	+	159
332	328		(B) options for payment of taxes;
333		-	- 5 - H.B. 110 Enrolled Copy
334		-	159
	329	+	160
335	330		(C) collection procedures; and
336		-	~~160~~
	331	+	161
337	332		(D) the residential exemption described in Section 59-2-103;
338		-	~~161~~
	333	+	162
339	334		(x) information specifically authorized to be included on the notice under this chapter;
340		-	~~162~~
	335	+	163
341	336		(xi) the last property review date of the property as described in Subsection
342		-	~~163~~
	337	+	164
343	338		59-2-303.1(1)(c);
344		-	164
	339	+	- 5 - 2nd Sub. (Gray) H.B. 110 02-05 20:59
	340	+	165
345	341		(xii) instructions on how the taxpayer may obtain additional information regarding
346		-	~~165~~
	342	+	166
347	343		the valuation of the property, including the characteristics and features of the
348		-	~~166~~
	344	+	167
349	345		property, from at least one the following sources:
350		-	~~167~~
	346	+	168
351	347		(A) a website maintained by the county; or
352		-	~~168~~
	348	+	169
353	349		(B) the county assessor's office; and
354		-	~~169~~
	350	+	170
355	351		(xiii) other information approved by the commission.
356		-	~~170~~
	352	+	171
357	353		(3) If a taxing entity that is subject to the notice and hearing requirements of Subsection
358		-	~~171~~
	354	+	172
359	355		59-2-919(4) proposes a tax increase, the notice described in Subsection (1) shall state, in
360		-	~~172~~
	356	+	173
361	357		addition to the information required by Subsection (2):
362		-	~~173~~
	358	+	174
363	359		(a) the dollar amount of the taxpayer's tax liability if the proposed increase is approved;
364		-	~~174~~
	360	+	175
365	361		(b) the difference between the dollar amount of the taxpayer's tax liability if the
366		-	~~175~~
	362	+	176
367	363		proposed increase is approved and the dollar amount of the taxpayer's tax liability
368		-	~~176~~
	364	+	177
369	365		under the current rate, placed in close proximity to the information described in
370		-	~~177~~
	366	+	178
371	367		Subsection (2)(c)(viii);
372		-	~~178~~
	368	+	179
373	369		(c) the percentage increase that the dollar amount of the taxpayer's tax liability under the
374		-	~~179~~
	370	+	180
375	371		proposed tax rate represents as compared to the dollar amount of the taxpayer's tax
376		-	~~180~~
	372	+	181
377	373		liability under the current tax rate; and
378		-	~~181~~
	374	+	182
379	375		(d) for each taxing entity proposing a tax increase, the dollar amount of additional ad
380		-	~~182~~
	376	+	183
381	377		valorem tax revenue, as defined in Section 59-2-919, that would be generated each
382		-	~~183~~
	378	+	184
383	379		year if the proposed tax increase is approved.
384		-	~~184~~
	380	+	185
385	381		(4)(a) Subject to the other provisions of this Subsection (4), a county auditor may, at the
386		-	~~185~~
	382	+	186
387	383		county auditor's discretion, provide the notice required by this section to a taxpayer
388		-	~~186~~
	384	+	187
389	385		by electronic means if a taxpayer makes an election, according to procedures
390		-	~~187~~
	386	+	188
391	387		determined by the county auditor, to receive the notice by electronic means.
392		-	~~188~~
	388	+	189
393	389		(b)(i) If a notice required by this section is sent by electronic means, a county auditor
394		-	~~189~~
	390	+	190
395	391		shall attempt to verify whether a taxpayer receives the notice.
396		-	~~190~~
	392	+	191
397	393		(ii) If receipt of the notice sent by electronic means cannot be verified 14 days or
398		-	~~191~~
	394	+	192
399	395		more before the county board of equalization meets and the taxing entity holds a
400		-	~~192~~
	396	+	193
401	397		public hearing on a proposed increase in the certified tax rate, the notice required
402		-	- 6 - Enrolled Copy H.B. 110
403		-	193
	398	+	194
404	399		by this section shall also be sent by mail as provided in Subsection (2).
405		-	~~194~~
	400	+	195
406	401		(c) A taxpayer may revoke an election to receive the notice required by this section by
407		-	~~195~~
	402	+	196
408	403		electronic means if the taxpayer provides written notice to the county auditor on or
409		-	~~196~~
	404	+	197
410	405		before April 30.
411		-	~~197~~
	406	+	198
412	407		(d) An election or a revocation of an election under this Subsection (4):
413		-	198
	408	+	- 6 - 02-05 20:59 2nd Sub. (Gray) H.B. 110
	409	+	199
414	410		(i) does not relieve a taxpayer of the duty to pay a tax due under this chapter on or
415		-	~~199~~
	411	+	200
416	412		before the due date for paying the tax; or
417		-	~~200~~
	413	+	201
418	414		(ii) does not alter the requirement that a taxpayer appealing the valuation or the
419		-	~~201~~
	415	+	202
420	416		equalization of the taxpayer's real property submit the application for appeal
421		-	~~202~~
	417	+	203
422	418		within the time period provided in Subsection 59-2-1004(3).
423		-	~~203~~
	419	+	204
424	420		(e) A county auditor shall provide the notice required by this section as provided in
425		-	~~204~~
	421	+	205
426	422		Subsection (2), until a taxpayer makes a new election in accordance with this
427		-	~~205~~
	423	+	206
428	424		Subsection (4), if:
429		-	~~206~~
	425	+	207
430	426		(i) the taxpayer revokes an election in accordance with Subsection (4)(c) to receive
431		-	~~207~~
	427	+	208
432	428		the notice required by this section by electronic means; or
433		-	~~208~~
	429	+	209
434	430		(ii) the county auditor finds that the taxpayer's electronic contact information is
435		-	~~209~~
	431	+	210
436	432		invalid.
437		-	~~210~~
	433	+	211
438	434		(f) A person is considered to be a taxpayer for purposes of this Subsection (4) regardless
439		-	~~211~~
	435	+	212
440	436		of whether the property that is the subject of the notice required by this section is
441		-	~~212~~
	437	+	213
442	438		exempt from taxation.
443		-	~~213~~
	439	+	214
444	440		Section 3. Section 59-2-926 is amended to read:
445		-	~~214~~
	441	+	215
446	442		59-2-926 . Proposed tax increase by state -- Notice -- Contents -- Dates.
447		-	~~215~~
	443	+	216
448	444		If the state authorizes a tax rate that exceeds the [combined basic] minimum basic tax
449		-	~~216~~
	445	+	217
450	446		rate described in Section 53F-2-301, or authorizes a levy pursuant to Section 59-2-1602 that
451		-	~~217~~
	447	+	218
452	448		exceeds the certified revenue levy as defined in Section 59-2-102, the state shall publish a
453		-	~~218~~
	449	+	219
454	450		notice no later than 10 days after the last day of the annual legislative general session that
455		-	~~219~~
	451	+	220
456	452		meets the following requirements:
457		-	~~220~~
	453	+	221
458	454		(1)(a) The Office of the Legislative Fiscal Analyst shall advertise that the state
459		-	~~221~~
	455	+	222
460	456		authorized a levy that generates revenue in excess of the previous year's ad valorem
461		-	~~222~~
	457	+	223
462	458		tax revenue, plus eligible new growth as defined in Section 59-2-924, but exclusive
463		-	~~223~~
	459	+	224
464	460		of revenue from collections from redemptions, interest, and penalties:
465		-	~~224~~
	461	+	225
466	462		(i) in a newspaper of general circulation in the state; and
467		-	~~225~~
	463	+	226
468	464		(ii) as required in Section 45-1-101.
469		-	~~226~~
	465	+	227
470	466		(b) Except an advertisement published on a website, the advertisement described in
471		-	- 7 - H.B. 110 Enrolled Copy
472		-	227
	467	+	228
473	468		Subsection (1)(a):
474		-	~~228~~
	469	+	229
475	470		(i) shall be no less than 1/4 page in size and the type used shall be no smaller than 18
476		-	~~229~~
	471	+	230
477	472		point, and surrounded by a 1/4-inch border;
478		-	~~230~~
	473	+	231
479	474		(ii) may not be placed in that portion of the newspaper where legal notices and
480		-	~~231~~
	475	+	232
481	476		classified advertisements appear; and
482		-	232
	477	+	- 7 - 2nd Sub. (Gray) H.B. 110 02-05 20:59
	478	+	233
483	479		(iii) shall be run once.
484		-	233 (2) The form and content of the notice shall be substantially as follows:
485		-	234
486		-	"NOTICE OF TAX INCREASE
487		-	235
488		-	The state has budgeted an increase in its property tax revenue from $__________ to
489		-	236
490		-	$__________ or ____%. The increase in property tax revenues will come from the following
491		-	237
492		-	sources (include all of the following provisions):
493		-	238
494		-	(a) $__________ of the increase will come from (provide an explanation of the cause of
495		-	239
496		-	adjustment or increased revenues, such as reappraisals or factoring orders);
497		-	240
498		-	(b) $__________ of the increase will come from natural increases in the value of the tax
499		-	241
500		-	base due to (explain cause of eligible new growth, such as new building activity,
501		-	242
502		-	annexation, etc.); and
503		-	243
504		-	(c) a home valued at $100,000 in the state of Utah which based on last year's (levy for
505		-	244
506		-	the basic state-supported school program, applicable tax rate for the Property Tax
507		-	245
508		-	Valuation Fund, or both) paid $____________ in property taxes would pay the
509		-	246
510		-	following:
511		-	247
512		-	(i) $__________ if the state of Utah did not budget an increase in property tax
513		-	248
514		-	revenue exclusive of eligible new growth; and
515		-	249
516		-	(ii) $__________ under the increased property tax revenues exclusive of eligible new
517		-	250
	480	+	234 (2) The form and content of the notice shall be substantially as follows:235
	481	+	"NOTICE OF TAX INCREASE236
	482	+	The state has budgeted an increase in its property tax revenue from $__________ to237
	483	+	$__________ or ____%. The increase in property tax revenues will come from the following238
	484	+	sources (include all of the following provisions):239
	485	+	(a) $__________ of the increase will come from (provide an explanation of the cause of240
	486	+	adjustment or increased revenues, such as reappraisals or factoring orders);241
	487	+	(b) $__________ of the increase will come from natural increases in the value of the tax242
	488	+	base due to (explain cause of eligible new growth, such as new building activity,243
	489	+	annexation, etc.); and244
	490	+	(c) a home valued at $100,000 in the state of Utah which based on last year's (levy for245
	491	+	the basic state-supported school program, applicable tax rate for the Property Tax246
	492	+	Valuation Fund, or both) paid $____________ in property taxes would pay the247
	493	+	following:248
	494	+	(i) $__________ if the state of Utah did not budget an increase in property tax249
	495	+	revenue exclusive of eligible new growth; and250
	496	+	(ii) $__________ under the increased property tax revenues exclusive of eligible new251
518	497		growth budgeted by the state of Utah."
519		-	~~251~~
	498	+	252
520	499		Section 4. Effective Date.
521		-	~~252~~
	500	+	253
522	501		This bill takes effect on July 1, 2026.
523		-	~~253~~
	502	+	254
524	503		Section 5. Coordinating H.B. 110 with S.B. 37.
525		-	~~254~~
	504	+	255
526	505		If H.B. 110, Minimum Basic Tax Rate Reduction, and S.B. 37, Minimum Basic Tax
527		-	~~255~~
	506	+	256
528	507		Rate Amendments, both pass and become law, the Legislature intends that, on July 1, 2026,
529		-	~~256~~
	508	+	257
530	509		the term "minimum basic tax rate" replace the term "combined basic rate" that S.B. 37 enacts
531		-	~~257~~
	510	+	258
532	511		within Subsection 53F-2-301(5)(b).
533	512		- 8 -