Bill > SB5994

This bill amends existing law to ensure that school districts that have recently failed to pass a local tax increase, known as an "excess levy" or "enrichment levy," can still receive timber tax distributions based on their previously approved levy rates. Specifically, if a school district does not impose an excess levy for a capital project fund or an enrichment levy in the current year, the calculation for their timber tax distribution will use the highest levy rate they imposed in either of the two preceding years. This provision aims to maintain financial stability for these school districts by preserving their access to timber tax revenue, even when they experience recent levy failures. The bill also declares an emergency, meaning it takes effect immediately upon approval.