Late Wednesday night, the Tax Conference Committee approved an increase of $10.1 million to the LGA appropriation for FY 2016 (which is for payments in calendar year 2015. Ultimately, the House was unable to prevail on its proposal to include an annual appropriation adjustment based on inflation and population growth. Nonetheless, the increase is better than the Senate position, which was no increase. An LGA run the CGMC member cities can be viewed here.
The committee also adopted one-time increases to the Homestead Market Value Credit and the Renter’s Credit of $12.1 million and $12.5 million, respectively. The final deal also includes property tax relief for ag homesteads totaling $16.9 million in the current biennium and $29.9 million in the next biennium.
Though the committee is holding off on finalizing the bill until Monday, it is, for all practical purposes, complete. Look for a full rundown of all provisions of interest to CGMC cities in next week’s CGMC in Brief.