Residential property tax replacement.

AN ACT relating to taxation and revenue; providing for the valuation of residential property; providing a sales and use tax to provide funding to local governments due to the decrease in revenue from the valuation of residential property; providing an exemption to the additional sales and use tax as specified; creating an account; providing for distribution of the sales and use tax; making conforming amendments; making the act contingent on passage of a constitutional amendment; and providing for effective dates.