HB 4056 Summary

• Amends the Local Community Stabilization Authority Act to modify reporting requirements for municipalities regarding commercial and industrial personal property taxable values and exemption losses.

• Requires assessors to report to county equalization directors by June 5 annually (beginning 2015) the current year taxable value of commercial and industrial personal property for each municipality.

• Changes the baseline year for calculating lowest millage rates from 2012 to 2013 in calculations determining debt loss and school debt loss distributions.

• Modifies tax increment finance authority reporting requirements to calculate captured value of industrial and commercial personal property, with special adjustments for refinanced obligations after 2012 related to school district and state education tax.

• Requires tax increment finance authorities to report calculation results to the department by June 15 annually beginning 2016 for each tax increment financing plan.