Bill > H4032

This bill aims to modernize municipal finance and government by updating various laws related to taxation, property assessment, and financial management. Key provisions include redefining terms like "Invested revenue district development program" to include more detailed financial projections and impact statements, and "Original assessed value" to clarify the baseline for tax increment financing. It also modifies the definition of "Tax increment" to better capture annual increases in tax revenue within a district. The bill introduces new rules for how municipalities can retain and use tax increment revenues, establishing dedicated funds for development programs and specifying how excess funds should be returned. Additionally, it makes changes to property tax exemptions, the process for assessing certain types of property like telephone company infrastructure and state-owned land, and the procedures for tax collection, including interest and penalties. A significant change involves the creation of a new excise tax on boats, ships, and vessels, replacing the local property tax for these items, with specific rules for valuation, collection, and exemptions. The bill also updates various administrative procedures for assessors and tax collectors, allows for electronic record-keeping, and adjusts timelines for certain tax-related actions.