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The bill provides
for a phased-in change in the distribution of revenue-sharing funds from the
Disproportionate Tax Burden Fund. Under current law, only municipalities with
a property tax burden greater than 10 mills share in the distribution of
these funds. The bill gradually increases the eligibility threshold until
only municipalities with an equalized property tax rate in excess of the
statewide average property tax rate are entitled to a share of the funds. The
phased-in change can only ocur if the total revenue sharing distribution as
established in statute is being provided without reduction or transfer. The
bill would have no impact on total State revenues or expenditures, but would
result in a different allocation of revenue sharing from the Disproportionate
Tax Burden Fund than under current law. |