Bill Text: CA SB499 | 2011-2012 | Regular Session | Amended

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Bill Title: Redevelopment: tax increment calculations.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced - Dead) 2012-01-31 - Returned to Secretary of Senate pursuant to Joint Rule 56. [SB499 Detail]

Download: California-2011-SB499-Amended.html

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BILL NUMBER: SB 499	AMENDED
	BILL TEXT

	AMENDED IN SENATE  APRIL 11, 2011

INTRODUCED BY   Senator Huff

                        FEBRUARY 17, 2011

   An act to add Section 33690.6 to the Health and Safety Code,
relating to  redevelopment   redevelopment, and
declaring the urgency thereof, to take effect immediately  .


	LEGISLATIVE COUNSEL'S DIGEST


   SB 499, as amended, Huff. Redevelopment: tax increment
calculations.
   The Community Redevelopment Law authorizes the establishment of
redevelopment agencies in communities to address the effects of
blight, as defined, in blighted areas in those communities known as
project areas. The California Constitution authorizes a redevelopment
agency to receive funding through tax increments attributable to
increases in assessed property tax valuation in a project area due to
redevelopment. Existing statutory law also requires an agency to
remit specified funds based on net tax increment apportioned to the
agency for deposit in separate funds for various purposes.
   This bill would authorize a redevelopment plan to contain a
provision that limits the dollar amount of property tax increment
revenue that may be divided and allocated to the agency, as
specified, in any single year. The bill would also require that a
certain portion of taxes received by or apportioned to an agency be
based on a prescribed amount in the course of making a calculation
relating to a required agency payment or allocation. 
   This bill would declare that it is to take effect immediately as
an urgency statute. 
   Vote:  majority   2/3  . Appropriation:
no. Fiscal committee: yes. State-mandated local program: no.


THE PEOPLE OF THE STATE OF CALIFORNIA DO ENACT AS FOLLOWS:

  SECTION 1.  Section 33690.6 is added to the Health and Safety Code,
to read:
   33690.6.  (a) A redevelopment plan may contain a provision that
limits the dollar amount of property tax increment revenue that may
be divided and allocated to the agency pursuant to Section 33670 in
any single year. If a redevelopment plan includes this provision,
property taxes collected in excess of the annual limit and otherwise
allocable to the agency shall be allocated to, and when collected
shall be paid to, the respective taxing agencies as taxes by or for
the taxing agencies and shall not be considered tax increment
pursuant to subdivision (b) of Section 33670.
   (b) Notwithstanding any other provision of this part, in
calculating any amount an agency is required to pay or allocate and
that is calculated as a percentage of a portion of the taxes received
by or apportioned to the agency pursuant to subdivision (b) of
Section 33670, that portion shall be based on the lesser of the
following amounts:
   (1) The portion of taxes that may be allocated and paid to the
agency pursuant to subdivision (b) of Section 33670.
   (2) The amount of taxes actually received by that agency pursuant
to the plan, taking into account any limitations on the receipt of
tax increment specified in the plan.
   (c) The Legislature finds and declares that the provisions of this
section are declaratory of existing law.
   SEC. 2.    This act is an urgency statute necessary
for the immediate preservation of the public peace, health, or safety
within the meaning of Article IV of the Constitution and shall go
into immediate effect. The facts constituting the necessity are:
 
   In order to authorize the Controller to correct calculations for
local agency Supplemental Educational Revenue Augmentation Fund
payments prior to the end of the 2010-11 fiscal year, it is necessary
that this bill take effect immediately.