Revise government entity limitations on property tax increases

The bill title was updated to explicitly mention a 'fixed limit on mill levy authority' and clarify that a 'portion of newly taxable property is subject to the mill levy limitation calculation.'

Formatting and draft markers (such as page numbers and version labels like 'Authorized Print Version') were removed to produce the final enrolled text.

Minor text corrections were made to align the bill's title and introductory sections with the final legislative language.

Updated the condition for including 40% of taxable value to explicitly include cases where a governmental entity fails to meet the deposit requirement of a large taxpayer reserve account.

Corrected formatting inconsistencies in subsection numbering and capitalization throughout the text.

Requires local governments to create a 'Large Taxpayer Reserve Account' and deposit 10% of revenue from newly taxable property (excluding Class Four) into it.

Restricts how money in the new reserve account can be used, allowing it only for paying old debt, attracting new industry, or providing cash incentives, and explicitly forbids using it to reduce current tax rates.

Mandates that funds in the reserve account remain invested and earn interest, which must be credited back to the account, unless used for specific approved purposes.

Changes the mill levy calculation formula to use a fixed limit on new tax revenue rather than a percentage of inflation, while also adjusting the portion of new value subject to the levy.

Defines 'Large Taxpayer' as an individual or entity in the top 20% of taxpayers by taxable value and defines 'Significant Decrease in Taxable Value' as a 25% drop in value for non-Class Four properties.

Modifies the definition of 'newly taxable property' to specifically exclude increases in value from Tax Increment Financing (TIF) districts.

The bill identifier and sponsor information were updated to reflect the official Senate Bill 117 designation.