Amends TCA Section 67-6-104.
Present law requires that the commissioner of finance and administration certify a commercial development district that is located in a rural, economically distressed county before sales and use tax revenue may be allocated to the district. One of the criteria for certification of a commercial development district that is located in a rural, economically distressed count is that the district includes at least $5,000,000 in planned capital improvements. This bill changes that criteria to instead require that the district include at least $5,000,000 in planned capital investment, including land, buildings, site preparation cost, and other costs that may be capitalized to the planned projects in the district. Present law defines the counties that, together with municipalities located in such counties, are eligible for allocation of sales and use tax revenue to a commercial development district that is located in a rural, economically distressed county to the following: (1) Counties that met certain economic criteria and applied to the commissioner of finance and administration prior to December 31, 2014; (2) Counties that, on or after December 31, 2014, are determined to be eligible by the commissioner of finance and administration, the commissioner of economic and community development, and the commissioner of revenue utilizing a consistent methodology based on a set of broadly available measures of economic well-being, and applied to the commissioner of finance and administration on or after December 31, 2014, and prior to December 31, 2020; and (3) Counties that, on or after January 1, 2021, borders at least three counties identified under (2), and that apply with the commissioner of finance and administration on or after January 1, 2021, and no later than December 31, 2026. This bill extends the application deadline for counties that are defined as "eligible counties" under (2) to December 31, 2021, and changes the application period for counties that are defined as "eligible counties" under (3) to January 1, 2022, through December 31, 2026.
Present law requires that the commissioner of finance and administration certify a commercial development district that is located in a rural, economically distressed county before sales and use tax revenue may be allocated to the district. One of the criteria for certification of a commercial development district that is located in a rural, economically distressed count is that the district includes at least $5,000,000 in planned capital improvements. This bill changes that criteria to instead require that the district include at least $5,000,000 in planned capital investment, including land, buildings, site preparation cost, and other costs that may be capitalized to the planned projects in the district. Present law defines the counties that, together with municipalities located in such counties, are eligible for allocation of sales and use tax revenue to a commercial development district that is located in a rural, economically distressed county to the following: (1) Counties that met certain economic criteria and applied to the commissioner of finance and administration prior to December 31, 2014; (2) Counties that, on or after December 31, 2014, are determined to be eligible by the commissioner of finance and administration, the commissioner of economic and community development, and the commissioner of revenue utilizing a consistent methodology based on a set of broadly available measures of economic well-being, and applied to the commissioner of finance and administration on or after December 31, 2014, and prior to December 31, 2020; and (3) Counties that, on or after January 1, 2021, borders at least three counties identified under (2), and that apply with the commissioner of finance and administration on or after January 1, 2021, and no later than December 31, 2026. This bill extends the application deadline for counties that are defined as "eligible counties" under (2) to December 31, 2021, and changes the application period for counties that are defined as "eligible counties" under (3) to January 1, 2022, through December 31, 2026.
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