Bill Number: HB 4929
Subject: Property Tax
Sponsor: Tenisha Yancey
MASA Position:

Description: Modifies certain calculations related to tax increment financing plans. Revises the Local Community Stabilization Authority created as part of a 2016 reform of property taxes that are levied on business tools and equipment, or personal property tax. Adjusts adjust the calculation made for the act’s millage on industrial and commercial personal property. The act currently requires municipal tax increment finance authorities to calculate the millage on industrial and commercial personal property by subtracting the captured value of all industrial personal property and commercial personal property in the municipality from the total captured value from the total industrial and commercial personal property calculated for the year 2013 plus any increased captured value for the current year and multiplying the result by each individual millage crate calculated under section 13(5) to the extent that the millage is subject to capture under the respective authority. The bill would adjust this calculation for every calendar year beginning in 2020 by multiplying the resulting amount from the subtraction by section 13(4) and (5) as well as the state education tax levied under the State Education Tax Act.

Position Notes:
Position Date:
Bill Status: Introduced (9/10/2019; Referred to Committee on Tax Policy) Referred (10/2/2019; to Committee on Ways and Means)
PA Number: NA
HB4929 link