Exclude Value Mineral Resources Tax Increment Financing Division
The bill permits the governing body of a municipality, as applicable, to provide in an urban renewal plan that the valuation attributable to the extraction of mineral resources located within the urban renewal area is not subject to the division of taxes between base and incremental revenues that accompanies the tax increment financing of urban renewal projects. In such circumstances, the taxes levied on the valuation will be distributed to the public bodies as if the urban renewal plan was not in effect.
The bill defines the terms 'mineral resources' and 'valuation attributable to the extraction of mineral resources.'
(Note: This summary applies to the reengrossed version of this bill as introduced in the second house.)