HB 7408 Summary

• Allows any municipality to establish a municipal stormwater authority by ordinance to develop stormwater management programs and levy fees on property owners within designated districts, effective July 1, 2019.

• Requires the Secretary of the Office of Policy and Management to study the payment-in-lieu-of-taxes grant program for towns with over 50% state forest land and report findings by January 1, 2020.

• Directs the Commissioner of Economic and Community Development to study limiting property tax exemptions for machinery and equipment to seven or fewer years and submit recommendations by January 1, 2020.

• Expands enterprise zone designation criteria and allows municipalities to opt out of certain tax exemptions for manufacturing and service facilities; grandfathers existing approved applications and agreements executed before December 31, 2018.

• Modifies tax assessment deferrals in enterprise zones to a fixed seven-year period with graduated deferral percentages, while allowing municipalities to negotiate assessments on improvements exceeding $80 million for commercial or retail use.