HB17-1016

HB17-1016 - Exclude Value Mineral Resources Tax Increment Financing Division

Passed/Signed into Law
Concerning the ability of an urban renewal authority to exclude the valuation attributable to the extraction of mineral resources located within an urban renewal area from the total amount of taxable property subject to division for the purpose of financing urban renewal projects.

The bill permits the governing body of a municipality, as applicable, to provide in an urban renewal plan that the valuation attributable to the extraction of mineral resources located within the urban renewal area is not subject to the division of taxes between base and incremental revenues that accompanies the tax increment financing of urban renewal projects. In such circumstances, the taxes levied on the valuation will be distributed to the public bodies as if the urban renewal plan was not in effect.

The bill defines the terms 'mineral resources' and 'valuation attributable to the extraction of mineral resources.'

(Note: This summary applies to the reengrossed version of this bill as introduced in the second house.)

 

Senate Committees

Latest update: March 8, 2017
03/08/2017 - Governor Signed
03/03/2017 - Sent to the Governor
03/03/2017 - Signed by the President of the Senate
03/02/2017 - Signed by the Speaker of the House
02/27/2017 - Senate Third Reading Passed - No Amendments
02/24/2017 - Senate Second Reading Passed - No Amendments
02/21/2017 - Senate Committee on Local Government Refer Unamended - Consent Calendar to Senate Committee of the Whole
02/08/2017 - Introduced In Senate - Assigned to Local Government
02/07/2017 - House Third Reading Passed - No Amendments
02/06/2017 - House Second Reading Passed with Amendments - Committee
02/01/2017 - House Committee on Finance Refer Unamended to House Committee of the Whole
01/18/2017 - House Committee on Local Government Refer Amended to Finance
01/11/2017 - Introduced In House - Assigned to Local Government + Finance