SB158 Summary - Neighborhood Infrastructure Incentive Plan Act of 2011

• Authorizes municipalities to create Local Neighborhood Infrastructure Authorities that allow homeowners and business owners to voluntarily fund neighborhood infrastructure projects through assessments.

• Requires at least 80 percent of property owners in a proposed area to petition the municipality for authority formation, with the municipality appointing a board of 3-5 directors to manage the authority.

• Permits authorities to undertake infrastructure projects including street resurfacing, sidewalks, sewer installation, water service, underground utilities, drainage improvements, and related engineering costs.

• Provides participating homeowners and business owners with a 10 percent income tax credit on assessed amounts (capped at $1,000 per year) for up to 10 successive tax years beginning in 2012.

• Automatically expires December 31, 2015, unless extended by the legislature, though existing authorities continue operating until project completion and dissolution.