increasing the annual real estate transfer tax revenue contribution to the affordable housing fund.

This bill proposes to double the annual amount of money taken from the real estate transfer tax and sent to the affordable housing fund, increasing the contribution from $5 million to $10 million. The change would directly affect the state's budget by shifting $5 million less from the general fund and education trust fund to the affordable housing fund each year starting July 1, 2025. The legislation does not alter who pays the tax or how the fund is used, but rather changes the specific portion of tax revenue that must be allocated to housing projects.