Bill > SB2480

This bill, known as the Greenbelt Initiative Fund Transfer (GIFT) Act, establishes a new "rural revenue equity fund" within the state's general fund, intended to receive a recurring appropriation of $210 million annually. The Commissioner of Economic and Community Development will manage this fund and distribute money to rural counties, which are defined as counties not within a metropolitan statistical area. The distribution will be based on a weighted score calculated from various factors, including the total acreage of land classified as "greenbelt" (agricultural, forest, or open space), agricultural sales, population size, and whether the county has the authority to levy development taxes or impact fees, or has recently increased property taxes. Counties with higher scores will be prioritized for funding, which can be used for capital improvements, infrastructure projects, law enforcement, emergency medical services, or property tax stabilization. The bill also outlines an application process for counties, including an application fee that will help cover administrative costs, and specifies that any unspent funds will carry over to the next fiscal year.