SB 1453 - Prevents unnecessary debt taxation

SB 1453 ensures taxpayers only pay what is strictly necessary to service a local government’s existing debt by capping the Interest & Sinking (I&S) tax rate at the minimum required amount. This prevents local taxing entities from overcollecting and stockpiling excess revenue under the guise of debt payments. If higher rates are desired, the bill mandates transparency and a public vote with supermajority approval. By tightening financial discipline and requiring justification for any tax increases, the bill promotes limited government and protects taxpayers. It’s a prudent reform to curb unnecessary taxation and restore fiscal accountability.