HB 2479 seeks to invest in education by narrowing or eliminating tax preferences. The bill would repeal the nonresident sales and use tax emption. It would further eliminate the sales and use tax exemption for bottled water. The bill also would also eliminate the real estate excise tax exemption for transfers that occur in foreclosures except in circumstances where the tax would impact the owner of the property; existing statute would be restructured to preserve the exemption of deeds given in lieu of the foreclosure process and transfers made to extinguish existing security interests. Revenue obtained through processes outlined in this bill would be transferred by the state treasurer from the general fund to the education legacy trust account in order to support education-related expenditures.
HB 2479 was referred to the House Finance committee and has not been scheduled for a hearing. Therefore the bill is likely dead.