Bill Description: House Bill 74 would authorize a one-time transfer of $50 million between accounts as well as an ongoing annual transfer of $50 million to the School District Facilities Fund.

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Does it directly or indirectly create or increase any taxes, fees, or other assessments? Conversely, does it eliminate or reduce any taxes, fees, or other assessments?

House Bill 74 would amend Section 57-810, Idaho Code, to authorize a one-time transfer of $50 million from the bond levy equalization fund to the homeowner property tax relief account. 

Because this is only a one-time transfer of funds, it will reduce property taxes only once.

The bill would also amend Section 57-811, Idaho Code, to authorize an ongoing annual transfer of $50 million to the School District Facilities Fund.

The purpose of the facilities fund is to offset local property taxes by providing another source of revenue for school districts. But House Bill 292 from 2023, which created this fund, does not require any spending cuts and allows the districts to continue passing new bonds and levies, which further increase property taxes. 

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