This bill amends the "Long Term Tax Exemption Law" to impose new obligations on municipal tax collectors regarding the handling of payments received in lieu of taxes, specifically the annual service charge. Municipalities are now required to remit five percent of this charge directly to the county's chief financial officer and notify them upon receipt of the payment on specified dates (February 1, May 1, August 1, and November 1). Failure to comply with these requirements may result in legal action, penalties, and potential revocation or suspension of the municipal tax collector or finance officer's professional certification. Additionally, the county has the authority to recover any unpaid remittances along with associated costs.

The bill also addresses the financial agreements between municipalities and urban renewal entities, mandating that any amendments to these agreements require mutual consent and municipal ordinance approval. It establishes that every redevelopment project must be backed by a financial agreement that is subject to municipal ordinance approval, and it requires notification of public hearings regarding these agreements to both the county's chief financial officer and the clerk of the board of county commissioners. Overall, the legislation aims to improve transparency and accountability in the management of tax exemptions and payments related to urban renewal projects.

Statutes affected:
Introduced: 40A:20-9, 40A:20-12