Bill > SB303

This bill aims to adjust taxation by decreasing the ad valorem property tax rate imposed by school districts, discontinuing certain sales tax exemptions, and imposing sales tax on some lottery ticket sales. It also introduces a 2% excise tax, referred to as a privilege tax, on all sports wagers, with the revenue from this tax and lottery ticket sales directed to a new "property tax relief fund." This fund will then transfer money to the "state school district finance fund" to offset the reduced property tax rates for school districts. Additionally, a "sports wagering privilege tax refund fund" is created. The bill amends existing laws related to property taxes, sales taxes, and repeals those sections, with the changes taking effect upon publication in the statute book.