Honorable Dustin Burrows, Chair, House Committee on Ways & Means
FROM:
John McGeady, Assistant Director Sarah Keyton, Assistant Director Legislative Budget Board
IN RE:
HB360 by Murphy (Relating to the extension of the expiration date of the Property Redevelopment and Tax Abatement Act.), As Introduced
No fiscal implication to the State is anticipated.
The bill would amend Chapter 312 of the Tax Code, regarding the Property Redevelopment and Tax Abatement Act (act) to extend the expiration date of the act from September 1, 2019 to September 1, 2029.
The bill would have no state fiscal implications.
The bill would affect any local governmental entity that has or uses reinvestment zones and abatements.
The bill would take effect immediately upon enactment, assuming it received the requisite two-thirds majority votes in both houses of the Legislature. Otherwise, it would take effect September 1, 2019.
Local Government Impact
The fiscal implications of the bill cannot be determined at this time