Environmental & Healthcare Legislative Watch50 States · D.C. · U.S. Congress
From official state and federal legislative records. Informational only, not legal advice.
Now law
This is now an official law, recorded in the state's law books.
The governor signed it. Nothing left to watch.
In plain words
AI summaryWritten by AI from the bill text. Check the official text before relying on it.
Fiscal Summary NOT SIGNIFICANT Bill Summary ON APRIL 21, 2026, THE SENATE ADOPTED AMENDMENT #2 AND PASSED SENATE BILL 2646, AS AMENDED. AMENDMENT #2 authorizes an industrial development corporation ("corporation") to negotiate and receive from any lessee of the corporation payments in lieu of taxes with respect to a tax-credit housing project, unless the municipality adopts an ordinance or resolution requiring that any agreement with respect to the payments in lieu of taxes be approved by the municipality, if the payments are payable to all applicable taxing jurisdictions and meet other criteria and either of the following requirements are met: The payments are not less than the taxes that would have been paid to each such taxing jurisdiction for the tax year prior to the year the project become a tax credit housing project and the chief executive officer of the municipality has executed a letter supporting the project that is filed with the corporation. The payments are less than the taxes that would have been paid to each such taxing jurisdiction for the tax year prior to the year the project became a tax-credit housing project and the chief executive officer of each taxing jurisdiction has executed a letter supporting the project that is filed with the corporation. Present law authorizes a corporation to negotiate and receive payments in lieu of taxes with respect to a tax-credit housing project if the payments in lieu of taxes are payable to all applicable taxing jurisdiction in which the project is located and are not less than the taxes that would have been paid to each such taxing jurisdiction for the tax year prior to the year the project became a tax-credit housing project and the chief executive officer of the municipality has executed a letter supporting the project that is filed with the corporation.
