The proposed bill, if enacted, would amend current statutes regarding the government property lease excise tax (GPLET) by introducing new limitations on tax abatements. Specifically, it would insert language that restricts the abatement of GPLET revenues designated for school districts, ensuring that these funds cannot be abated. This change aims to protect school district funding during the GPLET abatement period, which currently allows for full abatement of taxes under certain conditions.

Additionally, the bill would make technical changes to existing provisions and clarify that for development agreements approved after the effective date of the amendment, the tax abatement is limited to amounts designated for counties, cities, towns, and community college districts. The current language regarding the approval process for leases and the review of slum or blighted area designations would remain unchanged, while the new provisions would enhance the fiscal stability of school districts by preventing the abatement of their designated GPLET revenues.

Statutes affected:
Introduced Version: 42-6209