Overview: HB 2456 provides for the formation of revenue allocation districts.
League Position:SUPPORT - The League supports the measure for its potential as an economic development tool, which was the subject of a League resolution.
Summary: HB 2456 authorizes municipalities to form Revenue Allocation Districts, which can pledge increases in both property tax and sales tax revenue to secure bonds issued to benefit the district.
02/11/13: The bill passed out of the House Ways and Means Committee on a 5-3 vote. The committee adopted an amendment intended to address concerns raised by Gov. Brewer in her veto letter of the same bill last year. The bill now proceeds to the Rules Committee.
02/28/13: The bill passed out of the House 39-17. It now proceeds to the Senate.
03/20/13: The bill passed out of the Senate Finance Committee with a vote of 6 ayes and 2 not voting. The bill will proceed to Senate Government and Environment Committee next.
03/21/13: HB 2456 passed out of the Senate Government and Environment Committee with a vote of 5 ayes and 2 nays. Senate Rules will be next.