Relating to a limit on political subdivision expenditures and the adoption of ad valorem tax rates.

HB 299 limits annual spending increases for local governments (like counties, cities, school districts, and special districts) that impose property taxes or issue bonds. It requires these entities to calculate a spending cap based on the previous year's inflation rate (measured by the consumer price index) plus their population growth rate. The bill defines key terms like "disaster relief cost" to exclude emergency spending from the spending cap calculation. This policy change directly affects how local governments budget and set property tax rates, tying spending limits to measurable economic and demographic factors.