Summary of HB08-1349
Short Title: Collection Prop Tax & TIF

Sponsors: Gagliardi/Windels

In connection with statutory provisions authorizing tax increment financing by an urban renewal or downtown development authority (authority):
* Authorizes the county treasurer to offset the authority's pro rata portion of any property taxes paid to it that are subsequently refunded to the taxpayer against any subsequent payments due to the authority for the project area. Requires the authority to make adequate provision for the return of overpayments in the event the property taxes due to the authority are insufficient to offset the authority's pro rata portion of the refunds. Authorizes the authority to establish a reserve fund for this purpose or enter into an intergovernmental agreement with the municipal governing body in which the municipality assumes responsibility for the return of the overpayments. In the event the authority does not make adequate provision for the return of its pro rata portion of the refunds to the county treasurer, authorizes the county treasurer to offset the amounts against any distribution made to the municipality that established the authority.
* Specifies that any irrevocable pledge by an authority of tax moneys collected for the payment of indebtedness shall not extend to any taxes that are required to be returned to the county for refunds of overpayments by taxpayers or that are placed in a reserve fund for return of any overpayments.
* In connection with an appeal of the decision of a county board of equalization, if the county treasurer refunds taxes and interest to the appellant based on a modification of the valuation for assessment of the property resulting from the appeal, allows the treasurer to recover reimbursement for the refund of taxes and interest pro rata by all jurisdictions receiving payment from the refund, and authorizes the treasurer to request reimbursement from such jurisdictions or to offset the reimbursements against subsequent payments.
* In connection with existing statutory provisions governing the apportionment, crediting, and distribution of taxes for other political subdivisions by the county treasurer, adds a requirement that, prior to being apportioned, credited, and distributed, such taxes shall be reduced by an amount equal to a subdivision's pro rata share of tax refunds granted subsequent to prior distribution by the treasurer, if the amount has not otherwise been returned by the entity, in addition to the costs incurred by the treasurer and the assessor under existing law. Makes conforming amendments.

Status
03/03/2008 Introduced In House - Assigned to Finance
04/01/2008 House Committee on Finance Pass Amended to House Committee of the Whole
04/04/2008 House Second Reading Laid Over
04/07/2008 House Second Reading Laid Over
04/08/2008 House Second Reading Laid Over
04/09/2008 House Second Reading Special Order - Laid Over Daily
04/10/2008 House Second Reading Special Order - Passed with Amendments
04/11/2008 House Third Reading Passed
04/14/2008 Introduced In Senate - Assigned to Finance
04/22/2008 Senate Committee on Finance Pass Amended to Senate Committee of the Whole
04/25/2008 Senate Second Reading Laid Over
04/28/2008 Senate Second Reading Passed with Amendments
04/29/2008 Senate Third Reading Passed
05/01/2008 House Considered Senate Amendments - Result was to Laid Over Daily05/01/2008
05/02/2008 House Considered Senate Amendments - Result was to Laid Over Daily05/02/2008
05/02/2008 House Considered Senate Amendments - Result was to Concur - Repass

Amendments

Fiscal Notes Status

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