(c) The temporary state sales and use tax rate reduction in subsection (1)(a) of this section takes effect only if the amount of excess state revenues required to be refunded for a state fiscal year exceeds the total of the amount of reimbursement for property tax revenues lost as a result of both the property tax exemptions allowed by part 2 of article 3 of this title 39 and the reduced valuation for assessment of qualified-senior primary residence real property pursuant to sections 39-1-104.2 and 39-1-104.6 that is paid by the state treasurer to each county treasurer as required by section 39-3-207 (4) or 39-1-104.6 (9)(c) for the property tax year that commenced during the state fiscal year plus the estimated amount by which state revenues will be decreased as the result of a reduction in the state individual income tax rate required by section 39-22-627.
(2) If, at a statewide election, voters authorize the state to retain and spend all or any portion of an amount of excess state revenues for a state fiscal year that was equal to or exceeded the amount specified in subsection (1)(a) of this section, and therefore required a reduction of the state sales and use tax rates, so that the amount of remaining excess state revenues is less than the amount specified in subsection (1)(a) of this section, the executive director shall restore the state sales and use tax rates to the standard rates imposed by section 39-26-106 (1) or 39-26-202 (1) beginning on January 1 of the following calendar year. Any amount refunded by such a reduction in the state sales and use tax rates constitutes an over-refund as defined in section 24-77-103.7 (1).
(3) Repealed.
(4) Any temporary state sales and use tax rate reduction pursuant to subsection (1) of this section does not affect the calculation of the amount of:
(a) The vendor fee credited to the housing development grant fund in accordance with section 39-26-123 (3)(b);
(b) The state sales tax increment revenue for regional tourism zones in accordance with part 3 of article 46 of title 24; or
(c) The aviation fund created in section 43-10-109.
(5) The general assembly finds and declares that temporary state sales and use tax rate reductions are reasonable methods of refunding a portion of the excess state revenues required to be refunded in accordance with section 20 (7)(d) of article X of the state constitution.
(6) This section is repealed, effective July 1, 2035.
