Local Government Property Tax Credits Rebates – Property Taxes

SB24-002

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.

Legislative Update

• 2024-03-15 / Passed
  
  Governor Signed




• 2024-03-12
  
  Sent to the Governor




• 2024-03-11 / Enrolled
  
  Signed by the Speaker of the House
  
  Signed by the President of the Senate




• 2024-02-26 / Engrossed
  
  House Third Reading Passed – No Amendments




• 2024-02-23 – Revised
  
  House Second Reading Special Order – Passed with
  Amendments – Floor




• 2024-02-16
  
  House Second Reading Laid Over Daily – No Amendments




• 2024-02-13
  
  House Committee on Transportation, Housing & Local
  Government Unamended to House Committee of the Whole




• 2024-02-06 / Engrossed
  
  Introduced In House – Assigned to Transportation, Housing &
  Local Government




• 2024-02-05
  
  Senate Third Reading Passed – No Amendments




• 2024-02-02
  
  Senate Second Reading Passed with Amendments -
  Committee




• 2024-01-30
  
  Senate Committee on Local Government & Housing Refer
  Amended – Consent Calendar to Senate Committee of the Whole




• 2024-01-10
  
  Introduced In Senate – Assigned to Local Government &
  Housing

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