relative to statewide education property taxes and other tax revenues.

Summary

HB 1708 proposes to reduce the statewide education property tax (SWEPT) rate, aiming to keep school funding steady by increasing the business profits tax from 7.5% to 8.5% and allocating a larger share of that revenue to the Education Trust Fund. It also requires the state to identify any loss of municipal education grants caused by the tax cut and to provide up to $90 million in payments to affected towns. The measure failed to pass.

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