Summary
Under current law, counties & municipalities are authorized to issue tax incentives, including property & sales tax credits or rebates to promote certain uses, like installation of renewable energy fixtures. The bill would authorize Boards of County Commissioners and municipalities to establish similar incentive programs to offer limited property tax credits or rebates to participants in a program designed to improve an "area of specific local concern." The bill sets forth definitions and requirements for the incentive program. The bill also provides how an incentive program can be established by resolution or ordinance and requirements for public hearings.
The house passed the bill with amendments clarifying "area of specific local concern" does not include uses of real property that may or may reasonably be expected to harm disproportionately impacted communities or prevent meeting the minimum greenhouse gas emission reduction goals of the State. The amendments also require notice to the clerk of each municipality that may be impacted by the incentive program of the public hearing. The amendments also require the board of county commissioners and/or municipalities to publicize the results of an evaluation of each incentive program at a public hearing.