Increases distribution to municipalities from Energy Tax Receipts Property Tax Relief Fund over five years to restore municipal aid reductions; requires additional aid to be subtracted from municipal property tax levy.

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Plain-English Summary

This bill aims to increase State aid to municipalities through the "Energy Tax Receipts Property Tax Relief Act." It would restore funding reductions that municipalities experienced in previous fiscal years, phasing in the full restoration over five years. The bill also changes how municipalities calculate their adjusted tax levy, allowing them to reduce property taxes by subtracting this additional aid.

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