HF 2690 Summary

• Provides supplemental property tax refunds for 2012 taxes payable such that combined regular and supplemental refunds equal 90 percent of tax increases over 12 percent of prior year taxes, with $1,000 maximum combined refund.

• Modifies city aid distribution formulas for 2013 and thereafter; cities with population of 5,000+ receive 2012 aid amounts, while smaller cities receive greater of 2012 aid or calculated 2013 aid plus new aid base increases.

• Exempts cities that missed 2010 financial reporting deadlines from 2011 aid penalties if reports submitted by May 31, 2012; allocates up to $794,579 for these payments.

• Repeals obsolete economic development zone provisions related to job opportunity building zones, biotechnology zones, and international economic development zones; eliminates related tax credits and exemptions.

• Transfers $4,112,000 from Revenue Department special recovery fund to general fund in fiscal year 2012.