Bill H.487 proposes a framework for revenue sharing between an incorporated village and its associated town regarding a local option tax. The bill aims to facilitate the equitable distribution of funds generated from a single local option tax that is adopted by the town, ensuring that both the village and town can benefit from the revenue.

The legislation seeks to establish clear guidelines for how the revenue from this local option tax will be shared, promoting collaboration and financial support between the town and the village. This initiative is intended to enhance local governance and improve the financial resources available for community projects and services.