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 during the GPLET abatement period. This change aims to protect school district funding from being affected by tax incentives provided to private lessees of government property.

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 would only apply to amounts designated for counties, cities, towns, and community college districts, as outlined in the current statutes. The existing language regarding the approval process for leases and the review of slum or blighted area designations would remain unchanged, while certain outdated provisions would be removed to streamline the statute.

Statutes affected:
Introduced Version: 42-6209
Senate Engrossed Version: 42-6209