HB 2852: Community revitalization

Summary

• C Authorizes a system of sales and use tax increment financing where apportionment districts may be designated by certain cities and towns within which a portion of the receipts from existing sales and use taxes are diverted from the state, county, and city or town imposing these taxes and given to the cities and towns to finance community revitalization programs within the apportionment districts.
• C Authorizes certain cities and towns to impose additional sales and use taxes that are deducted from the state = s sales and use taxes and the city or town must use these tax receipts to finance community revitalization.
• C Authorizes a new system of property tax increment financing where tax increment areas may be designated by certain cities and towns within which a portion of the receipts from regular property tax levies are diverted from the local governments imposing the property taxes and given to the cities and towns to finance community revitalization programs within the tax increment area.
• C Revises the relative status of liens arising from assessments, imposed by a county, city, or town, to pay the costs of removing or repairing unfit dwellings, to a first priority that are paid prior to payment of liens for unpaid taxes.
• C Authorizes counties, cities, and towns to provide for community revitalization associated with urban renewal and the removal and improvement of blighted buildings by: (1) Negotiating with the owners of substandard buildings for the government to acquire these buildings and the land on which they are located; (2) expending public and other moneys to improve these properties; or (3) allowing the property owner to make installment payments to the county, city, or town for the costs of these improvements, if the property owner does not have sufficient finances to pay for the cost of improvements to substandard buildings.
• HOUSE ECONOMIC DEVELOPMENT, HOUSING & TRADE COMMITTEE

From the House Bill Analysis (HB 2852), written by the Legislature's nonpartisan staff. Read the full report ↗