Senate Bill 742 Summary

• Increases the population threshold for municipalities eligible for economic opportunity zones from 30,000 to 40,000 or less.

• Accelerates tax increment revenue transmission from treasurers to brownfield authorities from 30 days to 14 days after collection.

• Expands eligible activities for brownfield redevelopment to include environmental insurance costs for certain facilities.

• Adds specific reference to Public Law 96-510 (CERCLA) for former mill properties along federal superfund sites in cities with populations under 10,000.

• Requires the auditor general to conduct performance audits at least every 3 years starting June 30, 2008, to assess program effectiveness and identify implementation barriers.