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
LR Number:
Last Action:
2/2/2012 - Second Read and Referred S Ways and Means and Fiscal Oversight Committee
Journal Page:
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.