Requires municipal tax collectors who obtain payments in lieu of taxes under "Long Term Tax Exemption Law" to share portion of that revenue with school district or districts.
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Progress
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- Introduced
- Passed General Assembly
- Passed Senate
- To Governor
- Became Law
Overview
This bill requires municipal tax collectors who receive payments in lieu of taxes under the Long Term Tax Exemption Law to share a portion of those revenues with the school district or districts. It amends existing law to clarify how gross revenue is calculated for urban renewal entities and establishes a process for municipalities to negotiate financial agreements with these entities. The goal is to ensure that school districts receive a share of the tax revenue generated by properties benefiting from tax exemptions.
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