Whereas, this Act provides a variety of tools to reduce the property tax burden of Maine residents, including of those residents most in need of such reductions, and the overall state and local tax burden; and

Whereas, the tools to reduce property taxes provided in this Act include an increase in the state share of education funding and measures to control government spending at the state, county, municipal and school district levels in a manner that respects the role of local decision making and thus provide means to control the demand for property tax revenues; and

Whereas, property tax reduction is a major concern of the people of Maine as evidenced by the Legislature's consideration and debate of a variety of proposals on this topic in recent years, including citizen-initiated legislation;

Whereas, property tax reduction to Maine residents and businesses will provide an important improvement to the State's business climate and a potential stimulus of the state economy as a result; and

Whereas, in the judgment of the Legislature, these facts create an emergency within the meaning of the Constitution of Maine and require the following legislation as immediately necessary for the preservation of the public peace, health and safety; now, therefore,

Be it enacted by the People of the State of Maine as follows:

PART A

Sec. A-1. 5 MRSA §1511, as amended by PL 2003, c. 451, Pt. X, §1, is repealed.

Sec. A-2. 5 MRSA §1513, as amended by PL 2003, c. 451, Pt. X, §§2 to 4, is repealed.

Sec. A-3. 5 MRSA §1517, as amended by PL 2003, c. 451, Pt. X, §6, is repealed.

Sec. A-4. 5 MRSA c. 142 is enacted to read:

CHAPTER 142

MAINE BUDGET STABILIZATION FUND