HB 2510

Present law authorizes the creation of commercial development districts in rural, economically distressed counties experiencing persistent high unemployment and traditionally low levels of family income, to apportion and distribute sales and use tax reve nue to address such issues. Eligible counties must submit a completed application to the commissioner of finance and administration ("commissioner""), and then may receive an allocation of sales and use tax revenues. Present law provides that the tax revenue allocation available for properties located in a county that borders at least three distressed, rural counties in at least three fiscal years since FY 2016-2017, and whose governing body passed a resolution or official action prior to January 1, 2021, are available for eligible counties or municipalities that have filed an application with the commissioner between January 1, 2021, and December 31, 2026. This bill extends that application deadline to December 31, 2 040. Present law provides that tax revenue allocation available pursuant to this allocation program applies to eligible counties or municipalities located in such eligible counties, or industrial development corporations established by such eligible counties or municipalities, that have received the approval of a commercial development district from the commissioner on or before June 30, 2031. This bill extends that deadline to June 30, 2041."