Introduced
by
To create the Tax Reverted Clean Title Act program, which would levy a specific tax instead of property taxes on tax-reverted properties a participating local unit of government had sold, with 50 percent of the tax revenue to be used by the local unit of government for the purpose of clearing titles on tax reverted properties or repaying loans made by the state for use in clearing titles, and the remaining 50 percent of revenue to be disbursed under the current property tax format. This bill would allow the State Treasurer to invest "surplus" funds in loans to land banks to provide an up-front funding source to municipalities to clear titles on properties. This is part of a legislative package comprised of House Bills 4850 to 4853, 5451, and 5452.
Referred to the Committee on Land Use and Environment
Substitute offered
To replace the previous version of the bill with a version recommended by the committee which reported it. The substitute incorporates technical changes resulting from committee testimony and deliberation. These changes do not affect the substance of the bill as previously described.
The substitute passed by voice vote
Passed in the House 99 to 1 (details)
To create the Tax Reverted Clean Title Act program, which would levy a specific tax instead of property taxes on tax-reverted properties a participating local unit of government had sold, with 50 percent of the tax revenue to be used by the local unit of government for the purpose of clearing titles on tax reverted properties or repaying loans made by the state for use in clearing titles, and the remaining 50 percent of revenue to be disbursed under the current property tax format. This bill would allow the State Treasurer to invest "surplus" funds in loans to land banks to provide an up-front funding source to municipalities to clear titles on properties. This is part of a legislative package comprised of House Bills 4850 to 4853, 5451, and 5452.
Received
Amendment offered
by
To tie bar the bill to House Bill 6137, which would extend to the land banks proposed by House Bill 5450 the same powers authorized by the various brownfield statutes, which authorize an entity to grant tax incentives and tax recapture plans intended to redevelop contaminated, blighted, and functionally obsolete property.
The amendment passed by voice vote
Passed in the House 98 to 0 (details)
To create the Tax Reverted Clean Title Act program, which would levy a specific tax instead of property taxes on tax-reverted properties a participating local unit of government had sold, with 50 percent of the tax revenue to be used by the local unit of government for the purpose of clearing titles on tax reverted properties or repaying loans made by the state for use in clearing titles, and the remaining 50 percent of revenue to be disbursed under the current property tax format. This bill would allow the State Treasurer to invest "surplus" funds in loans to land banks to provide an up-front funding source to municipalities to clear titles on properties. This is part of a legislative package comprised of House Bills 4850 to 4853, 5451, and 5452.
