Bill > A4440

This bill requires municipalities to share a portion of payments received in lieu of taxes (PILOTs) with counties and school districts, and to notify them of applications for tax exemptions. PILOTs are payments made by entities that receive tax exemptions in exchange for services or other benefits, and this bill aims to ensure that local governments and educational bodies also benefit from these developments. Specifically, it amends existing law to mandate that municipalities remit a percentage of these PILOT payments to the county and school districts, distributed proportionally based on the prior year's tax bill. Furthermore, it requires municipalities to inform county officials and school district superintendents about applications for tax exemptions, allowing them to review the proposals and potentially offer recommendations before the municipality makes a final decision. This ensures greater transparency and financial participation for counties and school districts in projects that receive tax abatements.