SB725 - Prohibits a municipality from adopting a redevelopment plan involving tax increment financing without a finding that the developer does not owe delinquent taxes

SB 725

Prohibits a municipality from adopting a redevelopment plan involving tax increment financing without a finding that the developer does not owe delinquent taxes

Sponsor:

Crowell

LR Number:

5133S.01I

Committee:

Ways and Means and Fiscal Oversight

Last Action:

2/2/2012 - Second Read and Referred S Ways and Means and Fiscal Oversight Committee

Journal Page:

S196

Title:

Calendar Position:

Effective Date:

August 28, 2012

Current Bill Summary

SB 725 - This act prohibits a municipality from adopting a redevelopment plan under the Real Property Tax Increment Allocation Redevelopment Act, unless the municipality finds that the developer, and any business that the developer holds more than a two percent ownership interest in, does not owe any delinquent federal, state, or local taxes, or interest or penalties on these taxes.

EMILY KALMER

Amendments