Bill H.487 proposes a framework for revenue sharing between an incorporated village and its associated town, specifically regarding a local option tax that the town adopts. The bill aims to facilitate a collaborative financial arrangement that allows both the town and the village to benefit from the revenue generated by this tax.

The legislation does not include specific insertions or deletions in the current law, but it establishes a new mechanism for the equitable distribution of local option tax revenues, promoting cooperation between municipalities. This initiative is intended to enhance local governance and support community development through shared financial resources.