SB 6203-S - DIGEST

(DIGEST OF PROPOSED 1ST SUBSTITUTE)

     Establishes an additional excise tax beginning January 1, 1997, on each sale of real property in the state at a rate of one-half of one percent of the selling price.

     Requires the proceeds of the tax to be used exclusively for the acquisition of a less than fee simple interest in conservation areas.

     Establishes the conservation lands account. 

     Requires the act to be submitted to the people for their adoption or rejection at the next general election.