Idaho Code § 57-810

Current through the 2024 Regular Session

Section 57-810 - CASH TRANSFERS FOR PROPERTY TAX RELIEF

Notwithstanding the provisions of section 57-814, Idaho Code, after the close of each fiscal year in 2023, 2024, and 2025, the state controller shall determine any excess cash balance in the general fund. When calculating any excess cash balance, the state controller shall first provide for the ending balance, as determined by the legislative record, to be carried over into the next fiscal year, plus an amount sufficient to cover encumbrances as approved by the division of financial management and an amount sufficient to cover any reappropriation as authorized by the legislature. On July 1, or as soon thereafter as is practicable, of each such year, there is hereby appropriated one hundred fifty million dollars ($150,000,000) or the balance of the general fund excess cash balance, whichever is less, to be transferred as follows:

(1) The state controller shall transfer the first fifty million dollars ($50,000,000) to the homeowner property tax relief account established pursuant to the provisions of section 63-724, Idaho Code; and

(2) The state tax commission shall transfer the remaining moneys to be used for the purpose of property tax relief in the following manner. Fifty percent (50%) of the remaining moneys shall be distributed to the school district facilities fund established pursuant to section 33-911, Idaho Code, and fifty percent (50%) shall be distributed to the homeowner property tax relief account established pursuant to the provisions of section 63-724, Idaho Code.

Idaho Code § 57-810

Amended by 2024 Session Laws, ch. 237,sec. 24, eff. 7/1/2024.

Added by 2023 Session Laws, ch. 200,sec. 4, eff. 3/29/2023.