LD 2669, Page 10 - 119th Legislature, SECOND REGULAR Session

5.1% to 5.3% of sales and income tax revenues. Beginning in fiscal

year 2000-01, revenue-sharing funds in excess of amounts

distributed to municipalities in fiscal year 1999-2000 are

distributed according to a formula that provides enhanced relief to

municipalities that are experiencing a disproportionate property

tax burden as a result of service center responsibilities, a large

proportion of exempt property or other factors. This mechanism

ensures the integrity of the current state-municipal revenue-

sharing program by requiring that amounts dedicated to the original

revenue-sharing program be equal to amounts transferred to the

program in the preceding year as adjusted for inflation or revenue

growth.

2. The bill makes changes to enhance the effectiveness of the
farm and open space tax law. These changes include reimbursement
to municipalities for revenue lost under the program, reducing
the penalty for withdrawal from the program to the constitutional
minimum, enhancing the State's role in establishing recommended
valuation guidelines for local assessors and expanding
eligibility by reducing the minimum acreage for inclusion in the
program from 5 acres to 2 acres.

3. The bill provides a sales tax exemption or refund for
electricity used in commercial agriculture, fishing or
aquaculture.

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