Substitute House Bill No. 5273, Public Act No. 24-132, is a comprehensive piece of legislation that addresses various aspects of municipal finance, audits, and planning. The bill makes several insertions and deletions to current law, including the substitution of "tax collector" with "assessor" in the context of certifying tax revenue amounts to the Secretary of the Office of Policy and Management. It also changes the deadline for municipalities to submit tax statements and introduces a forfeiture penalty for noncompliance, which the secretary may waive. The bill allows for a phased-in approach to real property assessment increases and sets minimum factors for such increases. It repeals and substitutes language in Section 6 regarding municipal planning processes, with new requirements for conservation and development plans and discretionary state funding applications.

The bill also revises the regional performance incentive program, changing the criteria for proposals and increasing the financial commitment required from regional councils or centers. It amends the reporting requirements for grants and the application process for renters seeking state grants, including changing deadlines and removing the possibility of extensions for extenuating circumstances. The bill outlines qualifications for renters to receive grants and specifies that certain financial aid does not count as income for grant eligibility. Furthermore, it adjusts the deadline for the secretary to prepare a list of approved grant certificates and includes penalties for willful failure to disclose information or making false statements to obtain a grant. The bill also increases the threshold for required audits from three hundred thousand dollars to five hundred thousand dollars of state financial assistance expended in a fiscal year and outlines procedures for nonstate entities to designate an independent auditor and file audit reports.

Statutes affected:
Raised Bill: 12-94a, 12-9, 8-23, 4-124s, 12-170f
PD Joint Favorable Substitute: 12-94a, 12-9, 8-23, 4-124s, 12-170f
File No. 227: 12-94a, 12-9, 8-23, 4-124s, 12-170f
Public Act No. 24-132: 12-94a, 12-9, 8-23, 4-124s, 12-170f, 4-231, 4-232, 7-576a, 7-576f, 7-576i, 7-393