NC H628

Revenue Laws Study Committee shall study incentives to stimulate creation of "development ready" sites with horizontal infrastructure for job recruitment and retention.

Study shall examine property tax relief maintaining agricultural assessment values for development ready sites and income tax deductions or credits for land banking, redevelopment, rezoning, and infrastructure improvements.

Committee cochairs authorized to appoint advisory subcommittee with no more than 18 members including at least 5 House members, at least 5 Senate members, and 8 representatives from economic development, real estate, municipal, and tax collection organizations.

Committee shall report findings, recommendations, and any legislative proposals to the 2012 Regular Session of the General Assembly.

Effective upon becoming law.