SB 1050 Summary

• Requires government lessors to maintain and post public databases on county/city/town websites containing detailed lease and development agreement information, including parcel numbers, property descriptions, lessee names, tax amounts, and abatement periods.

• Mandates that government lessors provide written notice to county and municipal governing bodies, school districts, and community college districts at least 60 days before approving leases or development agreements in slum or blighted areas, and include links to notices on the public database.

• Requires notices to include estimated property tax revenue that will be foregone during the lease and abatement period, in addition to existing requirements for lessee information, property location, and proposed lease term.

• Limits tax abatement for government property improvements to amounts designated for counties, cities, towns, and community college districts, prohibiting abatement of the portion of government property lease excise tax revenue designated for school districts on development agreements approved after the bill's effective date.

• Clarifies that county treasurers may rely on abatement certifications unless they have actual knowledge of inaccuracy, and requires county treasurers to post department reports to the Department of Revenue's website within 30 days of receipt.