Enhanced infrastructure financing districts and community revitalization and investment areas: allocation of taxes: agricultural land exclusion.
Vote required
Majority
Fiscal committee
No
Appropriation
No
Current location
Vetoed
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed Senate
- Passed Assembly
- To Governor
- Became Law
Overview
This bill modifies how property taxes are allocated to infrastructure financing districts and community revitalization areas in California. Specifically, it excludes taxes levied on land enrolled in Williamson Act contracts or farmland security zone contracts from these allocations. It also incorporates changes from Senate Bill 516, which will only take effect if both bills are enacted and SB 5 is enacted last. The bill aims to ensure that these districts are not unduly burdened by property taxes on land preserved for agricultural use.
Key provisions
- Excludes property taxes on land enrolled in Williamson Act contracts from infrastructure financing district allocations.
- Excludes property taxes on land enrolled in farmland security zone contracts from infrastructure financing district allocations.
- Incorporates amendments from Senate Bill 516, contingent on both bills being enacted and SB 5 being last.
- Allows infrastructure financing districts to utilize revenues from various sources, including voter-approved bonds and assessments.
- Defines ‘net available revenue’ for infrastructure financing districts.
- Addresses the allocation of tax increment funds in community revitalization areas.
- Establishes a process for cities and counties to direct tax increment revenue to the authority.
- Provides for the allocation of tax increment revenue to the authority based on the type of authority formed.
Who is affected
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