HB 4927 Summary

• Amends Section 17 of the 2014 Metropolitan Authority Act to modify distribution of local community stabilization share revenue to municipalities affected by personal property tax exemptions.

• Establishes a phased distribution schedule for calendar years 2020-2027 with specific dollar amounts for each fiscal year, ranging from $383.5 million to $448 million annually.

• Beginning calendar year 2021, allocates an additional 10% of total qualified loss to eligible municipalities, increasing by 10% each subsequent year up to 100% by calendar year 2031.

• Requires municipalities to allocate payments based on the portion attributable to each millage levied and establishes payment deadlines between October 20 and May 20 depending on millage type.

• For fiscal year 2028-2029 and thereafter, ties distribution amounts to the personal property growth factor to automatically adjust allocations annually.