A Senate committee moved out a bill that would keep local governments from raising their property tax rates if they give property tax breaks to induce economic development.
The bill would lock in local governments at the defined "revenue neutral" property tax rate if they grant a property tax abatement
The bill, which now exempts projects subsidized by tax-increment financing, means local governments couldn't bring in more revenue than they did the preceding year if they award a property tax abatement.
The Legislature established the
SSJ
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