An Act relative to payments in lieu of taxation by organizations exempt from the property tax
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed House
- Passed Senate
- To Governor
- Became Law
Overview
This bill aims to establish a process for organizations currently exempt from property taxes to receive payments in lieu of property tax obligations. Currently, these organizations, such as non-profits and educational institutions, do not pay property taxes, but this bill seeks to formalize a system for them to contribute financially to local government revenue. The bill outlines a framework for determining these payments and how they would be distributed.
Key provisions
- Establishes a process for organizations exempt from property taxes to make payments to local governments.
- Specifies how the amount of payment would be determined.
- Outlines a method for distributing these payments to local government entities.
- Addresses the types of organizations eligible for this program.
- Requires the Department of Revenue to develop guidelines for implementation.
- Mandates the creation of a reporting system to track payments made.
- Defines the terms and conditions for organizations participating in the program.
- Provides for a review of the program's effectiveness after a specified period.
Who is affected
- Non-profit organizations
- Educational institutions
- Local government entities (cities, towns, counties)
- Tax exemption recipients
- The Department of Revenue
Notable changes
Bill text
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Sponsors
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4 on record
Primary sponsor
Cosponsors
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