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A02031 Summary:
| BILL NO | A02031 |
| SAME AS | SAME AS S00453 |
| SPONSOR | Schimel |
| COSPNSR | Lavine, Jaffee, Abinanti, Montesano, Cook, Ra, Raia, Miller |
| MLTSPNSR | McDonough |
| Add Art 3-A S370, RPT L | |
| Relates to reductions of payments in lieu of taxes; provides that where such payment agreement is to be reduced due to a reassessment of the parcel of real property such agreement is related to, such reduction shall be phased in over 10 years if the reduction would negatively affect the revenues of a local government by more than 5%. | |