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 Fiscal Note not available
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

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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