On the printed bill, delete everything after the enacting clause and insert:

"
     Section 1. That chapter 10-6 be amended by adding thereto a NEW SECTION to read as follows:

     Section 2. That chapter 10-6 be amended by adding thereto a NEW SECTION to read as follows:

     Section 3. That sections 1 and 2 of this Act be repealed on July 1, 2015.

     Section 4. That §   10-6-74 be repealed on July 1, 2014.

     Section 5. That chapter 10-6 be amended by adding thereto a NEW SECTION to read as follows:

     Section 6. That chapter 10-6 be amended by adding thereto a NEW SECTION to read as follows:

     Section 7. That chapter 10-6 be amended by adding thereto a NEW SECTION to read as follows:

November 1, 2008, regarding factors to use for the percentage of annual earning capacity to be used to determine the agricultural income value of the land pursuant to section 5 of this Act and other provisions used to assess agricultural land that will provide the least amount of shift between cropland and noncropland on a statewide basis. Thereafter, the economics department shall submit such recommendations, if any, to the task force by September first of each year.

     Section 8. That chapter 10-6 be amended by adding thereto a NEW SECTION to read as follows:

     Section 11. That chapter 10-6 be amended by adding thereto a NEW SECTION to read as follows:

     Section 12. That chapter 10-6 be amended by adding thereto a NEW SECTION to read as

follows:

     10-6-33.13.   The secretary of revenue and regulation may promulgate rules pursuant to chapter

1-26 concerning the:

     Section 14. That § 10-12-31.1 be amended to read as follows:

     10-12-31.1.   Notwithstanding other provision of law, when applying the levies for school purposes, the county director of equalization of each county shall adjust the level of assessment in that district so that the level of assessment as indicated by the most recent assessment to sales ratio as provided for in § 10-11-55 and the most recent assessment to full agricultural land value ratio agricultural income value as provided for in § 10-11-57 sections 5 to 10, inclusive, of this Act in that district are equal to eighty-five percent of market value or agricultural income value . The Department of Revenue and Regulation shall provide the director of equalization of each county all of the factors of adjustment necessary for the computations required in this section.

     Section 15. That § 10-6-33.3 be amended to read as follows:

     10-6-33.3.   Land or improvement on land within an operating unit which is not used incident to an agricultural pursuit shall be separately listed and assessed and the income therefrom shall not be used in determining the values for the purposes of §§ 10-6-33.1 and 10-6-33.2 .

     10-6-33.5.   The assessment, valuation, equalization, and taxation of school and endowment lands shall be at the same level and on the same basis as lands assessed, valued, and equalized according to §§ 10-6-33.1 to 10-6-33.4, inclusive sections 5 to 10, inclusive, of this Act .

     Section 17. That § 10-6-33.7 be amended to read as follows:

     10-6-33.7.   Agricultural land in each county shall be divided into the eight classes defined by the United States Department of Agriculture's soil conservation service as published in its soil survey for each county. The county director of equalization shall, based on the agricultural lands soil survey classification, determine a value for each soil type. The value for each soil type shall be determined from sales of similar land based upon its soil survey classification, and as adjusted for the factors contained in subdivision 10-6-33.1(2). The sales used shall be sales of agricultural land that are sold for agricultural purposes.

     Section 18. That § 10-6-31.3 be amended to read as follows:

     10-6-31.3.   For tax purposes, land is agricultural land if it meets two of the following three criteria:

     10-13-37.1.   For purposes of § 10-6-33.24 and §§ 10-3-41, 10-12-31.1, and 10-13-37, the secretary of revenue and regulation shall calculate a factor for each county for the agricultural and nonagricultural valuations. The factor shall be calculated by using the sales of arms-length transactions and the assessments from the preceding assessment year. The secretary shall take into consideration any reappraisals completed by the director of equalization. If there are less fewer than fifteen sales of either class , the secretary shall use the preceding year's sales of that class with current assessments. In the case of agricultural land, sales may also be bridged in from adjoining counties if there are less than fifteen sales.

     Section 20. That § 13-11-10 be amended to read as follows:

     13-11-10.   In implementing the terms of § 13-11-9, a separate weighted average tax levy of the receiving districts shall be calculated for agricultural property, nonagricultural acreage property, owner-occupied single-family dwelling property, and for nonagricultural property for each sending school district as follows:

     Section 21. That § 10-12-42 be amended to read as follows:

     Section 22. That § 10-6-33.25 be amended to read as follows:

     10-6-33.25.   For the purposes of § 10-6-33.24, the agricultural income value shall be determined using capitalized annual cash rent. The annual cash rent is the annual cash rent, excluding the per acre tax on agricultural land, determined through an analysis of arms-length rental agreements collected within the county in the three years prior to the year for which the agricultural income value is being determined. The agricultural income value of cropland shall be based on average rents over a three-year period for cropland under natural conditions. The agricultural income value of

noncropland shall be based on average rents over a three-year period for noncropland under natural conditions. However, no arms-length rental agreements for irrigated land may be used to determine the annual cash rent pursuant to this section. The annual cash rent shall be capitalized at seven and three-fourths six and fifteen hundredths percent.

     Section 23. That § §   10-6-33.1 , 10-6-33.4, 10-6-33.6, § §  10-6-33.14 to 10-6-33.20, inclusive, and § §  10-6-33.23 to 10-6-33.27, inclusive, be repealed.

"
     Section 1. That §   13-13-72.1 be amended to read as follows:

     13-13-72.1.   Any adjustments in the levies specified in subdivision 13-13-10.1(6) §  10-12-42 made pursuant to §§ 13-13-71 and 13-13-72 shall be based on maintaining the relationship between statewide local effort as a percentage of statewide local need in the fiscal year succeeding the fiscal year in which the adjustment is made. In addition to the adjustments in the levies provided by this section, the levies shall also be annually adjusted as necessary to reduce the portion of local need paid by local effort by an amount equal to nine million dollars from those funds transferred into the property tax reduction fund pursuant to § 10-50-52 subsequent to July 1, 2007. In addition to the adjustments in the levies provided by this section, the levies for nonagricultural property and owner-occupied single-family dwellings shall also be adjusted as necessary to account for the additional increase in the total assessed value for nonagricultural property and owner-occupied single-family dwellings pursuant to the phasing out and repeal of the provisions provided in §  10-6- 74.

     Section 2. That § 13-10-6 be amended to read as follows:

     13-10-6.   For the purpose of continuing a fund for the payment of pensions to retired employees of a school districts which shall have district that has established such system, such districts the school district may levy an annual tax not exceeding thirty cents per thousand dollars of taxable valuation of such the school district for the current year. Such The levy may not be included in determining the tax levy limitation of such the school district provided by law. Moneys collected from such the tax shall be kept by the business manager in a special pension fund and shall may not be used for any other purpose except upon discontinuance of such the pension system by the school district, in which case any unexpended balance shall be transferred to the general fund.