Today's Law As Amended


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AB-405 Redevelopment: tax increment revenues.(2007-2008)



As Amends the Law Today


SECTION 1.

 Section 33679.5 is added to the Health and Safety Code, to read:

33679.5.
 (a) When a redevelopment agency is deactivated, the share of tax increment revenues that were diverted from local educational agencies pursuant to Section 33670 shall be directed to the county instead of the local educational agencies, if the county is a low wealth county, until the county has reached the average statewide percentage of countywide ad valorem property tax revenue collected in the county and allocated to the county.
(b) For purposes of this section, “low wealth county” means a county in which the percentage of countywide ad valorem property tax revenue that was collected in the county and that was allocated to the county for the 2003–04 fiscal year was less than the average statewide percentage of those revenues that were so collected and allocated in each county for that fiscal year.