Today's Law As Amended


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SB-499 Redevelopment: tax increment calculations.(2011-2012)



As Amends the Law Today


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.