HB1466: relative to modification of a tax increment financing plan.

HB 1466 – AS AMENDED BY THE HOUSE

19Mar2014… 0649h

2014 SESSION

14-2250

10/04

HOUSE BILL 1466

AN ACT relative to modification of a tax increment financing plan.

SPONSORS: Rep. L. Ober, Hills 37; Rep. Porter, Hills 1; Rep. J. Belanger, Hills 27; Sen. Bradley, Dist 3; Sen. Carson, Dist 14

COMMITTEE: Municipal and County Government

AMENDED ANALYSIS

This bill requires that an increase in a tax increment financing plan shall comply with the 10 percent limit on increases to appropriations recommended by the budget committee in towns under the municipal budget act.

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

Explanation: Matter added to current law appears in bold italics.

Matter removed from current law appears [in brackets and struckthrough.]

Matter which is either (a) all new or (b) repealed and reenacted appears in regular type.

19Mar2014… 0649h

14-2250

10/04

STATE OF NEW HAMPSHIRE

In the Year of Our Lord Two Thousand Fourteen

AN ACT relative to modification of a tax increment financing plan.

Be it Enacted by the Senate and House of Representatives in General Court convened:

1 Municipal Economic Development And Revitalization Districts; Tax Increment Financing Plan Modification. Amend RSA 162-K:9, IV to read as follows:

IV. A tax increment financing plan may be [modified provided such modification shall be approved] decreased or increased by vote of the legislative body upon such notice and hearing and agreements as are required for approval of the original plan, provided that in a town under the municipal budget act no increase shall be valid which would violate the provisions of RSA 32:18, except as provided in RSA 32:18-a. Any modification shall maintain use of dedicated tax increments for retirement of bonds and notes as required.

2 Effective Date. This act shall take effect 60 days after its passage.