HB 6129 Summary

• Amends the Brownfield Redevelopment Financing Act to modify deadlines for authorities seeking to retain state education tax revenues to offset losses from personal property tax exemptions.

• Changes the deadline reference from "the effective date of the amendatory act that added this section" (June 5, 2008) to specific calendar dates: June 15, 2008 for initial applications; September 30, 2009 for subsequent year; and June 1 of each year thereafter.

• Requires brownfield authorities to submit annual applications to the Department of Treasury by June 1 (originally June 15) each year, with Treasury approval/denial decisions due by August 15 (originally 30 days after the amendatory act).

• Establishes that if the Department of Treasury denies an application, the state legislature shall appropriate funds to compensate the authority for the difference between calculated school tax capture and actual retained taxes.

• Clarifies that state distributions under this section are not a debt or liability of the state and do not constitute a pledge of the state's faith and credit.