H.487 is a bill introduced by Representatives Walker and Oliver that aims to create a framework for revenue sharing between an incorporated village and its associated town regarding a local option tax. The proposed legislation allows for the establishment of a mechanism that enables both the town and the village to benefit from the revenue generated by a single local option tax adopted by the town.

The bill seeks to facilitate collaboration and financial support between municipalities, ensuring that both entities can effectively utilize the funds generated from the local option tax. This initiative is intended to enhance local governance and promote equitable distribution of tax revenues within the community.