Senate Committee of Reference Report
Committee on Appropriations
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April 24, 2026
After consideration on the merits, the Committee recommends the following:
SB26-116 be amended as follows, and as so amended, be referred to the Committee of the Whole with favorable recommendation:
Page 1, Line 1Amend the Finance Committee Report, dated April 14, 2026, page 3, line
Page 1, Line 233, strike "(3)(a)(I);" and substitute "(3)(b), (3)(c)(I), (3)(c)(II), (3)(d),
Page 1, Line 3(3)(e), and (3)(g);".
Page 1, Line 4Page 3, strike line 34 and substitute "and add (2)(a)(IX), (2)(b)(III), and
Page 1, Line 5(3)(e.5) as follows:".
Page 1, Line 6Page 4, strike lines 36 through 42 and substitute:
Page 1, Line 7"(3) (b) No later than February 1, 2022, and each February 1
Page 1, Line 8thereafter through February 1, 2027, the administrator shall calculate
Page 1, Line 9the percentage increase or decrease in total valuation of business personal
Page 1, Line 10property in the state over the prior two property tax years. The
Page 1, Line 11administrator shall publish the percentage increase or decrease on the
Page 1, Line 12website maintained by the division of property taxation in the department
Page 1, Line 13of local affairs.
Page 1, Line 14(c) (I) For the property tax years commencing on or after
Page 1, Line 15January 1, 2022, and each year thereafter but before January 1, 2027,
Page 1, Line 16each assessor shall calculate an estimate of the aggregate value of exempt
Page 1, Line 17business personal property for the county and each local governmental
Page 1, Line 18entity located within the county that is equal to the applicable baseline
Page 1, Line 19exemption total adjusted by the growth factor for each property tax year
Page 1, Line 20commencing on and after January 1, 2022 but before January 1, 2027.
Page 1, Line 21(II) For the property tax years commencing on or after January
Page 1, Line 221, 2022, and each year thereafter but before January 1, 2027, each
Page 1, Line 23treasurer shall calculate the total property tax revenues lost by all local
Page 1, Line 24governmental entities within the treasurer's county based on the estimate
Page 1, Line 25of exempt business personal property amount calculated in accordance
Page 2, Line 1with subsection (3)(c)(I) of this section.
Page 2, Line 2(d) No later than March 1, 2022, and each March 1 thereafter
Page 2, Line 3through March 1, 2027, each treasurer shall report the amount
Page 2, Line 4specified in subsection (3)(a)(II) or (3)(c)(II) of this section, as
Page 2, Line 5applicable, and the basis for the amount to the administrator, and the
Page 2, Line 6administrator may require a treasurer to provide additional information as
Page 2, Line 7necessary to evaluate the amount reported. The administrator shall
Page 2, Line 8confirm that the reported amount is correct or rectify the amount, if
Page 2, Line 9necessary. The administrator shall then forward the correct amount for
Page 2, Line 10each county to the state treasurer to enable the state treasurer to issue a
Page 2, Line 11reimbursement warrant to each treasurer in accordance with subsection
Page 2, Line 12(3)(e) of this section.
Page 2, Line 13(e) No later than April 15, 2022, and April 15 of each year
Page 2, Line 14thereafter through April 15, 2027, the state treasurer shall issue a
Page 2, Line 15warrant to be paid upon demand from the general fund to each treasurer
Page 2, Line 16that is equal to the amount specified by the administrator for the county
Page 2, Line 17under subsection (3)(d) of this section. Each treasurer shall distribute the
Page 2, Line 18total amount received from the state treasurer to the local governmental
Page 2, Line 19entities within the treasurer's county as if the revenues had been regularly
Page 2, Line 20paid as property tax. When distributing the money, the treasurer shall
Page 2, Line 21provide each local governmental entity with a statement of the amount
Page 2, Line 22distributed to the local governmental entity that represents the
Page 2, Line 23reimbursement received under this subsection (3)(e).
Page 2, Line 24(e.5) No later than April 15, 2028, and April 15 of each
Page 2, Line 25year thereafter, the state treasurer shall issue a warrant to
Page 2, Line 26be paid upon demand from the general fund to each treasurer
Page 2, Line 27that is equal to the amount specified by the administrator for
Page 2, Line 28the county under subsection (3)(d) of this section for the 2026
Page 2, Line 29property tax year. Each treasurer shall distribute the total
Page 2, Line 30amount received from the state treasurer to the local
Page 2, Line 31governmental entities within the treasurer's county as if the
Page 2, Line 32revenues had been regularly paid as property tax. When
Page 2, Line 33distributing the money, the treasurer shall provide each local
Page 2, Line 34governmental entity with a statement of the amount
Page 2, Line 35distributed to the local governmental entity that represents
Page 2, Line 36the reimbursement received under this subsection (3)(e.5).
Page 2, Line 37(g) (I) This subsection (3) does not apply if the amount of the
Page 2, Line 38exemption created in subsection (1) of this section is the alternative
Page 2, Line 39exemption amount as required by subsection (2)(b)(I)(C) of this section.
Page 2, Line 40(II) This subsection (3)(g) is repealed, effective January 1,
Page 2, Line 412028.".