Introduced
by
To allow a county to grant or loan funds not derived from property taxes to a nonprofit corporation organized to subsidize economic development loans.
Referred to the Committee on Local Government and Urban Policy
Reported without amendment
With the recommendation that the substitute (H-1) be adopted and that the bill then pass.
Substitute offered
To replace the previous version of the bill with one which allows the source of the funds used for the grants or loans to be property taxes levied specifically for economic development purposes. It also requires that grants or loans be awarded according to an official process, in a public county commission meeting, and requires recipients to file annual reports on the extent to which their activities have met the stated public purpose.
The substitute passed by voice vote
Amendment offered
by
To clarify that if the source of the funds used for the grants or loans is property taxes levied specifically for economic development purposes, the tax must have been approved by a vote of the people. Property taxes explicitly levied for economic development purposes are an exception to a prohibition in this statute on using ad valorem taxes for these loans or grants.
The amendment passed by voice vote
Passed in the House 95 to 10 (details)
To allow a county to grant or loan funds derived from property taxes levied specifically for economic development purposes and approved by a vote of the people, to a nonprofit corporation organized to subsidize economic development loans. Current law only allows the use of federal, state, or local grants for this purpose, not property tax revenues. The bill requires that grants or loans be awarded according to an official process, in a public county commission meeting, and requires recipients to file annual reports on the extent to which their activities have met the stated public purpose. See also Senate Bills 239 and 240, and House Bill 4300.
Referred to the Committee on Local, Urban, and State Affairs
