Relating to the repeal of or limitations on certain state and local taxes, including school district maintenance and operations ad valorem taxes, the enactment of state and local value added taxes, and related school finance reform; imposing taxes.

HB 1485 would replace certain school district property taxes with a new 6.72% state and local value-added tax (VAT) on business sales. The bill exempts small businesses, government entities, and schools from paying the tax, while excluding financial services, employment, and other specified transactions. Businesses would pay the VAT based on the difference between taxes they collect (output tax) and taxes they pay on purchases (input tax). This reform aims to shift school funding responsibility from local property taxes to a broader business-based tax system.