Introduced by Rep. Jim Slezak (D) on May 18, 2010, to authorize the extensive tax breaks and exemptions of a “renaissance zone” for up to 10 particular subdivisions started before the subprime/housing crash, that benefited from a local property tax special assessment levied to pay debt service on money borrowed by the local government to build infrastructure for the subdivision, and which now are only 20 percent completed. “Renaissance zone” status means that businesses and individuals within the zone are essentially exempt from all state and local taxes. See also House Bill 6181, which creates a state revolving loan fund to bail out the indebted local governments that aren't collecting the special assessment revenue they were counting on. Full Text and Analysis.
Referred to the House Intergovernmental, Urban And Regional Affairs Committee on May 18, 2010.