HP0551
LD 746
PUBLIC Law, Chapter 140

on - Session - 129th Maine Legislature
 
 
Bill Tracking, Additional Documents Chamber Status

An Act To Allow Municipalities To Determine the Duration of Development Districts Funded by Assessments

Be it enacted by the People of the State of Maine as follows:

Sec. 1. 30-A MRSA §5224, sub-§2, ¶H,  as amended by PL 2013, c. 184, §3, is repealed and the following enacted in its place:

H The duration of the development district, subject to the following conditions:

(1) A development district that is a tax increment financing district may not exceed a total of 30 tax years beginning with the tax year in which the designation of the development district is effective pursuant to section 5226, subsection 3 or, if specified in the development program, the subsequent tax year; and

(2) A development district that is funded by assessments under section 5228 and that is not a tax increment financing district is not limited in duration unless a limitation on duration is established by the legislative body of the municipality or plantation adopting the development program. Any limitation in the duration of a development district that is not a tax increment financing district and that is established by the legislative body of the municipality or plantation may later be extended by the legislative body; and

Effective 90 days following adjournment of the 129th Legislature, First Regular Session, unless otherwise indicated.


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