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IN HB1284
Bill
Status
1/11/2018
Primary Sponsor
Edward Clere
Click for details
AI Summary
HB 1284 Summary
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Department of Local Government Finance must prepare annual reports by May 1 for each taxing unit calculating total property tax levies, circuit breaker credit losses, and tax proceeds from allocation areas.
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Reports must analyze the effect on tax levies and excessive property tax credits if allocation area distributions were eliminated or reduced by 10%, 20%, or 30%.
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County councils may require redistribution of up to 20% of assessed value allocated to allocation areas if a 10-20% reduction in allocations would reduce circuit breaker losses by more than 50%, but cannot affect debt service.
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Redevelopment commissions must adopt declaratory resolutions before expending tax proceeds on projects outside redevelopment district boundaries, demonstrating the expenditure will directly benefit the district and create or retain private sector jobs.
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Legislative bodies and redevelopment commissions must hold joint public hearings between October 31 and December 1 annually to review the commission's proposed expenditures for the upcoming year.
Legislative Description
Tax increment financing issues. Requires the department of local government finance (DLGF) to annually prepare a report for each taxing unit that includes a calculation of the following: (1) The total property tax levy from the assessed value in the taxing unit and the amount of loss due to the circuit breaker credits. (2) The total property tax proceeds from the assessed value that exceeds the base assessed value in all allocation areas established within the taxing unit. (3) The effect, if any, on the amount of the tax levy or proceeds and the credit for excessive property taxes under
Last Action
Representatives Thompson, Cook, Stemler added as coauthors
1/22/2018