SB 6777 - DIGEST

(SEE ALSO PROPOSED 1ST SUB)

     Authorizes a credit against state and local regular real property taxes equal to the tax imposed on the first twenty-five thousand dollars of assessed valuation of residential property, adjusted to the state equalized value in accordance with the indicated ratio fixed by the state department of revenue.

     Requires submission of the act for approval or disapproval by the voters at the next general election.