Regards voter approval of municipal income tax reciprocity credit

Changed voter initiative language from allowing only authorization, modification, or repeal of tax credits to explicitly allowing voters to initiate questions to enact new credits or increase existing credit amounts, percentages, or rate limits.

Added requirement that modifications to tax credits must be submitted as separate ballot questions and cannot be combined with tax rate questions on the same ballot.

Added new Section 718.041 establishing voter initiative procedures for municipal income tax credits, including petition requirements and election notice procedures.

Added new Section 718.04(G) creating provisions for municipal income taxes that provide financial assistance to school districts, including requirements for written agreements and specific tax purposes.

Added requirement for the Department of Taxation to conduct a study on municipal income tax uniformity and issue a report to the General Assembly by December 31, 2026.

Modified ballot language for tax credit modifications to clarify that modifications must state the new amount, percentage, or rate limit compared to the current credit.