Senate finance moves yield bill with full buy‑down and one‑year renter credit; roll call orders third reading

The Senate Finance Committee presented H949, the annual yield bill that sets the property tax yield and adjusts related education‑finance provisions. Committee leaders said the Senate chose to use 100% of a previously set‑aside fund (roughly $100 million) to buy down property tax rates, which the chair said would reduce the average property tax increase to about 3.6 percent. The committee also inserted language lowering the excess‑spending threshold to 112 percent and added a one‑year renter rebate to help renters; that renter change increased the projected average rate effect to roughly 3.8 percent.

Committee members noted this approach differs from the House, which proposed splitting the set‑aside over two years. The finance chair said the Senate's plan is intended to avoid a steeper increase next year and to ensure the conference committee addresses both short‑term buy‑downs and longer‑term spending restraints. The committee reported its recommendation by a unanimous vote.

On the floor the Senate amended effective dates for the renter credit as a technical correction, adopted the change, and by roll call ordered third reading of H949; the clerk recorded 28 votes in favor and 2 opposed. Members urged conference committee attention to school spending and spending growth while supporting the targeted relief for homeowners and a one‑year rebate for renters.

The bill was placed on the calendar for further action following the roll call.

Vote tally (third‑reading order): Yes 28; No 2.